10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from _____________ to _____________

Commission file number 001-13126

FOMO CORP.

(Exact name of small business issuer as specified in its charter)

California	83-3889101
(State or other jurisdiction of incorporation)	(IRS Employer Identification No.)

1 E Erie St, Ste 525 Unit #2250, Chicago, IL 60611

(Address of principal executive offices) (Zip Code)

(630) 286-9560

(Issuer’s telephone number)

Securities registered under Section 12(b) of the Exchange Act: None.

Securities registered under Section 12(g) of the Exchange Act: common stock, no par value

Indicate by check mark if registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [  ] No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [  ] No [X]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

Indicate by check mark if disclosure of delinquent filers pursuant to item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in the definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes [  ] No [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer, accelerated filer and smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one): Yes[  ] No[  ]

The Aggregate market value of the Company’s common shares issued and outstanding as of April 6, 2021, was $42,464,120. The Aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed fiscal year 2020, was $5,988,248.

Large accelerated filer	[  ]	Accelerated filer	[  ]
Non-accelerated filer	[  ]	Smaller reporting company	[X]
(Do not check if a smaller reporting company)		Emerging growth company	[  ]

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. [  ]

As of December 31,2020, there were 4,713,543,121 shares of Common Stock, no par value, outstanding. We also had 3,000,000 Series A Preferred shares .0001 par value convertible into 150,000,000 common shares, 4,463,815 Series B Preferred shares .0001 par value convertible into 4,463,815,000 common shares, and 1,000,000 Series C Preferred shares .0001 par value convertible into 1,000,000 common shares. As of December 31, 2020, there were fully diluted shares issued and outstanding of 9,328,358,121.

Documents Incorporated by Reference. None

Explanatory Note

The sole purpose of this Amendment No. 1 to the Annual Report on Form 10-K for the period ended December 31, 2020 of FOMO CORP. (the “Company”) filed with the Securities and Exchange Commission on April 06, 2021 (the “Form 10-K”) is to furnish Exhibits 101 in accordance with Rule 405 of Regulation S-T and corrected the clerical errors in the Form 10-K.

TABLE OF CONTENTS

		Page
CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS		3
PART I
Item 1.	Description of Business	4
Item 1A.	Risk Factors	4
Item 1B.	Unresolved Staff Comments	4
Item 2.	Properties	4
Item 3.	Legal Proceedings	4
Item 4.	Mine Safety Disclosures	4
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	5
Item 6.	Selected Financial Data	8
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operation	8
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	10
Item 8.	Financial Statements and Supplementary Data	10
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	11
Item 9A (T).	Controls and Procedures	11
Item 9B.	Other Information	12
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	12
Item 11.	Executive Compensation	14
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	16
Item 13.	Certain Relationships and Related Transactions	16
Item 14.	Principal Accountant Fees and Services	16
PART IV
Item 15.	Exhibits; Financial Statement Schedules	17
SIGNATURES		19

2

CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS

The information contained in this report includes some statements that are not purely historical and that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as such, may involve risks and uncertainties. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, perceived opportunities in the market and statements regarding our mission and vision. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. You can generally identify forward-looking statements as statements containing the words “anticipates, believes, continue, could, estimates, expects, intends, may, might, plans, possible, potential, predicts, projects, seeks, should, will, would” and similar expressions, or the negatives of such terms, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The forward-looking statements contained herein are based on various assumptions, many of which are based, in turn, upon further assumptions. Our expectations, beliefs and forward-looking statements are expressed in good faith based on management’s views and assumptions as of the time the statements were made, but there can be no assurance that management’s expectations, beliefs, or projections will result or be achieved or accomplished.

In addition to other factors and matters discussed elsewhere herein, the following are important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements: technological advances, impact of competition, dependence on key personnel and the need to attract new management, effectiveness of cost and marketing efforts, acceptances of products, ability to expand markets and the availability of capital or other funding on terms satisfactory to us. We disclaim any obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

For a discussion of the risks, uncertainties, and assumptions that could affect our future events, developments, or results, you should carefully review the information set forth under “Item 1, Description of Business” below. Considering these risks, uncertainties and assumptions, the future events, developments, or results described by our forward-looking statements herein could turn to be materially different from those we discuss or imply.

3

PART I

Item 1. Description of Business.

History and Development of the Company

Prior to 2019, FOMO CORP., previously known as “2050 Motors, Inc.” had an agreement, subject to minimum sales requirements, to import, market and sell in the United States, Puerto Rico, the U.S. Territories and Peru, the “e-Go” lightweight carbon fiber all-electric vehicle (“EV”) design and electric light truck to be manufactured by Jiangsu Aoxin New Energy Automobile Co., Ltd. (“Aoxin Automobile”) located in the People’s Republic of China (“PRC”). In May 2019, the EV business was dissolved.

Today, FOMO CORP. is a development stage company with no operating history. Any profitability in the future from the business will be dependent upon the successful marketing and sales of products and services developed and/or purchased. Accordingly, FOMO CORP.’s prospects must be considered in light of the risks, expenses, and difficulties frequently encountered in establishing a new business, and therefore it is a highly speculative venture involving significant financial risk.

On October 19, 2020, the Company acquired 100% of the member interests of Purge Virus, LLC and has acquired lighting and energy management technology in 2021. See SUBSEQUENT EVENTS for information on developments announced after December 31, 2020, including our closing of the acquisitions of the assets of Independence LED Lighting, LLC and Energy Intelligence Center, LLC.

Item 1A. Risk Factors.

Not applicable to smaller reporting companies

Item 1B. Unresolved Staff Comments.

None

Item 2. Properties.

None

Item 3. Legal Proceedings.

None

Item 4. Mine Safety Disclosures.

None

4

PART II

Item 5. Market for Registrant’s Common Equity Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

Market Information

There has only been limited trading for the Company’s Common Stock over the past ten years. There is no assurance that an active trading market will ever develop or, if such a market does develop, that it will continue. The Securities and Exchange Commission has adopted Rule 15g-9 which establishes the definition of a “penny stock,” for purposes relevant to the Company, as any equity security that has a market price of less than $5.00 per share or a security to purchase equity with an exercise price of less than $5.00 per share, subject to certain exceptions. For any transaction involving a penny stock, unless exempt, the rules require: (i) that a broker or dealer approve a person’s account for transactions in penny stocks and (ii) the broker or dealer receive from the investor a written agreement to the transaction, setting forth the identity and quantity of the penny stock to be purchased. In order to approve a person’s account for transactions in penny stocks, the broker or dealer must (i) obtain financial information and investment experience and objectives of the person and (ii) make a reasonable determination that the transactions in penny stocks are suitable for that person and that person has sufficient knowledge and experience in financial matters to be capable of evaluating the risks of transactions in penny stocks. The broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prepared by the Commission relating to the penny stock market, which, in highlight form (i) sets forth the basis on which the broker or dealer made the suitability determination and (ii) that the broker or dealer received a signed written agreement from the investor prior to the transaction. Disclosure also must be made about the risks of investing in penny stocks in both public offerings and in secondary trading, and about commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and the rights and remedies available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.

Holders

There are approximately 207 holders of the Company’s Common Stock. This figure does not include holders of shares registered in “street name” or persons, partnerships, associates, corporations, or other entities identified in security position listings maintained by depositories.

Dividends

We have not declared any cash dividends on our common stock since our inception and do not anticipate paying any dividends in the foreseeable future. We plan to retain future earnings, if any, for use in our business. Any decisions as to future payments of dividends will depend on our earnings and financial position and such other facts, as the Board of Directors deems relevant.

Securities Authorized under Equity Compensation Plans

We do not have any equity compensation plans.

5

Shares Available for Future Sale

Approximately 4.1% of all outstanding shares of our common stock are “restricted securities,” as that term is defined under Rule 144 promulgated under the Securities Act, because they were issued in a private transaction not involving a public offering. Accordingly, none of the outstanding shares of our common stock may be resold, transferred, pledged as collateral, or otherwise disposed of unless such transaction is registered under the Securities Act or an exemption from registration is available. In connection with any transfer of shares of our common stock, other than pursuant to an effective registration statement under the Securities Act, the company may require the holder to provide to the company an opinion of counsel to the effect that such transfer does not require registration of such transferred shares under the Securities Act.

Rule 144 is not available for the resale of securities initially issued by companies that are, or previously were, shell companies, like us, unless the following conditions are met:

● the issuer of the securities that was formerly a shell company has ceased to be a shell company;

● the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

● the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than current reports on Form 8-K; and

● at least one year has elapsed from the time that the issuer filed current comprehensive disclosure with the SEC reflecting its status as an entity that is not a shell company.

In view of the above, shareholders may utilize Rule 144 for the sale of their 2050 Motors shares at any time, assuming all the other requirements set forth above are met.

Repurchases of Equity Securities

None

Our common stock is approved for quotation on the OTC Markets’ pink sheet marketplace under the symbol “ETFM”. We have applied for a ticker change with FINRA, though there can be no assurances our request is completed. The pink sheet marketplace is a regulated quotation service that displays real-time quotes, last-sale prices, and volume information in over-the-counter equity securities. The pink sheet securities are traded by a community of market makers that enter quotes and trade reports. This market is limited in comparison to the national stock exchanges and any prices quoted may not be a reliable indication of the value of our common stock.

On December 31, 2020, the closing price of our common stock reported on the pink sheet marketplace was $0.0014 per share. The following table sets forth, for each of the quarterly periods indicated, the high and low sales prices of our common stock, as reported on the OTC Pink Sheets market.

6

	High Bid		Low Bid
Fiscal Year Ending December 31, 2019
Quarter Ended March 31, 2019	$	0.0055	$	0.0001
Quarter Ended June 30, 2019	$	0.0021	$	0.0004
Quarter Ended September 30, 2019	$	0.0010	$	0.0001
Quarter Ended December 31, 2019	$	0.0003	$	0.0001
Fiscal Year Ending December 31, 2020
Quarter Ended March 31, 2020	$	0.0002	$	0.0001
Quarter Ended June 30, 2020	$	0.0001	$	0.0000
Quarter Ended September 30, 2020	$	0.001	$	0.0001
Quarter Ended December 31, 2020	$	0.0036	$	0.001

Penny Stock Considerations

The trading of our common stock is deemed to be “penny stock” as that term is generally defined in the Securities Exchange Act of 1934 to mean equity securities with a price of less than $5.00. Our shares thus are subject to rules that impose sales practice and disclosure requirements on broker-dealers who engage in certain transactions involving a penny stock.

Under the penny stock regulations, a broker-dealer selling a penny stock to anyone other than an established customer or accredited investor must make a special suitability determination regarding the purchaser and must receive the purchaser’s written consent to the transaction prior to the sale, unless the broker-dealer is otherwise exempt. Generally, an individual with a net worth in excess of $1,000,000 or annual income exceeding $200,000 individually or $300,000 together with his or her spouse is considered an accredited investor. In addition, under the penny stock regulations the broker-dealer is required to:

Deliver, prior to any transaction involving a penny stock, a disclosure schedule prepared by the SEC relating to the penny stock market, unless the broker-dealer or the transaction is otherwise exempt;

Disclose commissions payable to the broker-dealer and our registered representatives and current bid and offer quotations for the securities;

Send monthly statements disclosing recent price information pertaining to the penny stock held in a customer’s account, the account’s value, and information regarding the limited market in penny stocks; and

Make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction, prior to conducting any penny stock transaction in the customer’s account.

Because of these regulations, broker-dealers may encounter difficulties in their attempt to buy or sell shares of our common stock, which may affect the ability of selling stockholders or other holders to sell their shares in the secondary market and have the effect of reducing the level of trading activity in the secondary market. These additional sales practice and disclosure requirements could impede the sale of our common stock in the marketplace. In addition, the liquidity for our common stock may be decreased, with a corresponding decrease in the price of our common stock. Our shares are likely to be subject to such penny stock rules for the foreseeable future.

7

Reports to Stockholders

We are currently subject to the information and reporting requirements of the Securities Exchange Act of 1934 and will continue to file periodic reports, and other information with the SEC. We intend to file annual reports for our stockholders containing audited financial statements.

Transfer Agent

Signature Stock Transfer, Inc., located at 2632 Coachlight Court, Plano, Texas 75093 is the registrar and transfer agent for our common stock.

Recent Sales of Unregistered Securities

Between January 1, 2019 and December 31, 2019, the Company issued to third-party lenders a total of 1,242,231,661 shares of common stock pursuant to conversions of $255,334 debt. In accordance with the “tacking” provisions under the rules and regulations of the 1933 Act, the request for conversions were accompanied by opinions of counsel and therefore all the shares were issued without restrictions on sales or transfers.

Between January 1, 2019 and December 31, 2019, the Company did not issue any shares of common stock to related parties.

Between January 1, 2020 and December 31, 2020, the Company issued to third-party lenders a total of 2,936,347,316 shares of common stock pursuant to conversions of 761,456 debt. In accordance with the “tacking” provisions under the rules and regulations of the 1933 Act, the request for conversions were accompanied by opinions of counsel and therefore all the shares were issued without restrictions on sales or transfers.

Between January 1, 2020 and December 31, 2020, the Company did not issue any shares of common stock to related parties.

Additional Information

We are a fully reporting issuer, subject to the Securities Exchange Act of 1934. Our Quarterly Reports, Annual Reports, and other filings can be obtained from the SEC’s Public Reference Room at 100 F Street, NE., Washington, DC 20549, on official business days during the hours of 10 a.m. to 3 p.m. You may also obtain information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330. The Commission maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the Commission at http://www.sec.gov. Our legal name is FOMO CORP., listed on the SEC’s EDGAR system. Our internet website address is http://www.fomoworldwide.com.

Item 6. Selected financial Data.

Not required under Regulation S-K for “smaller reporting companies.”

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation

This 10−K contains forward-looking statements. Our actual results could differ materially from those set forth because of general economic conditions and changes in the assumptions used in making such forward-looking statements. The following discussion and analysis of our financial condition and results of operations should be read together with the audited consolidated financial statements and accompanying notes and the other financial information appearing elsewhere in this report. The analysis set forth below is provided pursuant to applicable Securities and Exchange Commission regulations and is not intended to serve as a basis for projections of future events. Refer also to “Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” in item 1 above.

8

Plan of Operation

The Company is currently pursuing additional funding sources that would enable it to acquire the acquisitions currently under an LOI and sustain its planned operations. We intend to pursue additional opportunities to expand the company.

Costs and Resources

To the extent that the Company’s capital resources are insufficient to meet planned operating requirements, the company will seek additional funds through equity or debt financing, collaborative, or other arrangements with corporate partners, licensees, or others, and from other sources.

Results of Operation for the years ended December 31, 2020 and 2019

During the year ending December 31, 2020, the Company had operating revenues of $92,114. During the year ending December 31, 2020 the Company had cost of revenues of $88,354. During the year ending December 31, 2020, the Company incurred operating expenses of $1,598,286 consisting primarily of consulting fees, travel expenses and general and administrative costs. During the year ended December 31, 2019, the Company incurred operating expenses of $212,708. These operating expenses combined with a lack of operating revenues resulted in net losses of ($1,392,968) and ($65,235) for the periods ended December 31, 2020 and December 31, 2019, respectively. As of December 31, 2020, the Company had a stockholders’ deficit of ($470,222) compared to a stockholders’ deficit of ($1,241,863) as of December 31, 2019. The decreased stockholders’ deficit was due to the net losses in 2020 primarily due to the issuance of common stock for reduction of debt, finance fees, and non-cash charges for changes in derivative valuations associated with the embedded conversion features of convertible debentures.

Equity and Capital Resources

We have incurred losses since inception of our business and, as of December 31, 2020, we had an accumulated deficit of ($7,418,894). As of December 31, 2020, we had cash of $12,069 and negative working capital of ($1,135,594).

To date, we have funded our operations through short-term debt and equity financing. During the year ended December 31, 2020 the Company received $115,000 of borrowed funds, comprised of $0 from related parties and $115,000 from non-related parties. In addition, during the year ended December 31, 2020, the Company issued the following shares of common stock: 0 shares for cash proceeds, 2,936,347,316 shares for reduction and settlement of third-party debt and no shares for services.

Delinquent Loans

At December 31. 2020 the Company is delinquent in its payments on loans owing to 3 different lenders in the aggregate amount of $226,186 excluding potential penalties. The Company is in discussions with such lenders to extend the maturity dates or to convert all or part into the company’s common stock.

Off-balance Sheet Arrangements

None.

Recent Accounting Pronouncements

We have adopted all applicable recently issued accounting pronouncements. The adoption of the accounting pronouncements did not have a material effect on our operations.

9

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

Not required under Regulation S-K for “smaller reporting companies.”

Item 8. Financial Statements and Supplementary Data.

Our audited consolidated financial statements are set forth in this Annual Report beginning on page F-1.

10

FOMO CORP. and Subsidiaries

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Report of Boyle CPA, LLC, Independent Registered Public Accounting Firm	F-2
Consolidated Balance Sheets, December 31, 2020 and 2019	F-3
Consolidated Statements of Operations for the years ended December 31, 2020 and 2019	F-4
Consolidated Statements of stockholders’ Deficit for the years ended December 31, 2020 and 2019	F-5
Consolidated Statements of Cash Flows for the years ended December 31, 2020 and 2019	F-6
Notes to consolidated financial statements	F-7

F-1

Boyle CPA, LLC

Certified Public Accountants & Consultants

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and

Board of Directors of FOMO CORP and Subsidiaries.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of FOMO CORP and Subsidiaries. (The “Company”) as of December 31, 2020 and 2019, the related consolidated statements of operations, stockholders’ deficit, and cash flows for each of the two years in the period ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

Substantial Doubt About the Company’s Ability to Continue as a Going Concern

As discussed in Note 3 to the financial statements, the Company’s cumulative net losses, recurring operating losses and working capital deficiency raise substantial doubt about its ability to continue as a going concern for a period of one year from the issuance of the financial statements. Management’s plans are also described in Note 3. The financial statements do not include adjustments that might result from the outcome of this uncertainty.

Basis of Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters do not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Accounting for Debt and equity transactions

As described in Notes 6, 9 and 10 to the consolidated financial statements, the Company had various debt and equity transactions that required accounting considerations and significant estimates.

The Company acquired 100% of the member interests of Purge Virus, LLC for consideration of 2,000,000 Series B Preferred Shares. The Series B Preferred Shares are convertible into 1,000 shares of common stock. The Company valued the acquisition at $800,000, or the fair value of the Series B Preferred Stock if converted to common stock. As a result of the acquisition, the Company recognized intangible assets of $225,000 and Goodwill of $596,906. The intangible assets are being amortized over their useful lives, ranging from 3 to 10 years.

The Company determined that variable conversion features issued in connection with certain financings required derivative liability classification. These variable conversion features were initially measured at fair value and subsequently have been remeasured to fair value at each reporting period. The Company determined the fair value of the embedded derivatives using the Black-Scholes-Merton option pricing model. The value of the embedded derivative liabilities related to the convertible debentures was $834,230 at December 31, 2020.

The Company issued warrants for services. The Company determined the fair value of the embedded derivatives using the Black-Scholes-Merton option pricing model and recognized the expense over the requisite service period. The value of the warrants was $862,160 for the year ended December 31, 2020.

We identified the accounting considerations and related valuations, including the related fair value determinations of the various debt and equity financings and classification of such as a critical audit matter. The principal considerations for our determination were: (1) the accounting consideration in determining the nature of the various features (2) the evaluation of the potential derivatives and potential bifurcation in the instruments, (3) considerations related to the determination of the fair value of the various debt and equity instruments and the conversion features that include valuation models and assumptions utilized by management, and (4) relating to the acquisition of Purge Virus LLC, the allocation of the purchase price. Auditing these elements is especially challenging and requires auditor judgement due to the nature and extent of audit effort required to address these matters, including the extent of specialized skill or knowledge needed.

Our audit procedures related to management’s conclusion on the evaluation and related valuation of freestanding and embedded derivatives, included the following, among others: (1) evaluating the relevant terms and conditions of the various financings, (2) assessing the appropriateness of conclusions reached by the Company with respect to the accounting for the convertible debt, and the assessment and accounting for potential derivatives and (3) independently recomputing the valuations determined by Management.

/s/ Boyle CPA, LLC

We have served as the Company’s auditor since 2019.

Bayville, NJ

April 6, 2021

361 Hopedale Drive SE	P (732) 822-4427
Bayville, NJ 08721	F (732) 510-0665

F-2

FOMO CORP. and Subsidiaries

(Formerly 2050 Motors, Inc.)

Consolidated Balance Sheets 

	As of			As of
	December 31, 2020			December 31, 2019
Assets
Current assets
Cash		12,069			63
Accounts receivable		20,859
Prepaid expense		910
Total current assets		33,838			63
Other assets:
Investments		168,000			189,000
Intangible assets		206,250			-
Goodwill		596,906			-
Total other assets		971,156			189,000
Total assets	$	1,004,994		$	189,063
Liabilities and stockholders’ deficit
Liabilities
Current liabilities
Accounts payable	$	63,291		$	5,500
Tax payable		-			-
Accrued expenses		-			62,510
Accrued interest on loans payable		24,945			-
Customer deposit		5,614			21,947
Loan payable related party		3,574			-
Loans payable due to non-related parties, net		226,186			187,798
PPP loan		11,593			-
Loan settlement		-			260,000
Derivative liability		834,230			893,171
Total current liabilities		1,169,433			1,430,926
Total liabilities		1,169,433			1,430,926
Stockholders’ deficit
Common stock; no par value authorized: 10,000,000,000 shares at December 31, 2020 and 2018, respectively: issued and outstanding 4,713,543,121 and 1,777,195,805 at December 31, 2020 and 2019, respectively		4,232,960			3,800,405
Preferred stock Class A; $0.0001 par value authorized: 78,000,000 shares at December 31, 2020 and 2019, respectively: issued and outstanding 3,000,000 at December 31, 2020 and 2019, respectively: discretionary 1% dividend		300			300
Preferred stock Class B; $0.0001 par value authorized: 20,000,000 shares at December 31, 2020 and 2019, respectively: issued and outstanding 4,463,815 and 400,000 at December 31, 2020 and 2019, respectively: discretionary 1% dividend		446			40
Preferred stock Class C; $0.0001 par value authorized: 2,000,000 shares at December 31, 2020 and 2019, respectively: and issued and outstanding 1,000,000 and 1,000,000 at December 31, 2020 and 2019, respectively: discretionary 1% dividend		100			100
Additional paid-in-capital		3,139,400			858,218
Accumulated deficit		(7,662,645	)		(6,025,926	)
Common stock issuable		125,000			125,000
Total stockholders’ deficit		(164,439	)		(1,241,863	)
Total liabilities and stockholders’ deficit	$	1,004,994		$	189,063

The accompanying notes are an integral part of these financial statements

F-3

FOMO CORP. and Subsidiaries

(Formerly 2050 Motors, Inc.)

Consolidated Statement of Operations

	For the Year Ended December 31,
	2020			2019
Operating revenue	$	92,114		$	-
Cost of revenue		88,354		$	-
Gross profit	$	3,760
Operating expenses:
General and administrative		1,602,046			212,708
Loss from operations		(1,598,286	)		(212,708	)
Other income (expenses)
Interest expense		(165,821	)		(18,032	)
Amortization of discount		-			(100,299	)
Loss on investment		(21,000	)		(247,220	)
Debt settlement gain (loss)		89,447			582,600
Derivative liability gain (loss)		58,941			(69,576	)
Total other income (expenses)		(38,433	)		147,473
Loss before income taxes		(1,636,719	)		(65,235	)
Provision for income taxes
Net loss	$	(1,636,719	)	$	(65,235	)
Net loss per share, basic and diluted	$	(0.00	)	$	(0.00	)
Weighted average common equivalent share outstanding, basic and diluted		2,506,371,138			1,127,890,040

The accompanying notes are an integral part of these financial statements

F-4

FOMO CORP. and Subsidiaries

(Formerly 2050 Motors, Inc.)

Consolidated Statement of Stockholders’ Deficit

	Common Stock				Preferred Stock
					Class A						Class B				Class C
	Number of Shares		No par value		Number of Shares			$0.0001 par value			Number of Shares		$0.0001 par value		Number of Shares		$0.0001 par value		Common Stock Issuable		Additional paid-in capital			Accumulated deficit			Total stockholders’ deficit
Balance, December 31, 2018		623,964,144	$	3,405,360		3,000,000		$	45,000			-	$	-		-	$	-	$	125,000	$	536,356		$	(5,960,691	)	$	(1,848,975	)
Conversion of convertible debt		1,153,231,661		395,045		-			-			-		-		-		-		-		(163,601	)		-			231,444
Preferred Stock no par returned		-		-		(3,000,000	)		(45,000	)		-		-		-		-		-		-			-			(45,000	)
Preferred CL A Stock issued for investment		-		-		3,000,000			300			-		-		-		-		-		44,700			-			45,000
Preferred CL B Stock issued for investment		-		-		-			-			400,000		40		-		-		-		423,960			-			424,000
Preferred CL C Stock issued for investment		-		-		-			-			-		-		1,000,000		100		-		-			-			100
Warrants issued for services		-		-		-			-			-		-		-		-		-		16,803						16,803
Net loss		-		-		-			-			-		-		-		-		-		-			(65,235	)		(65,235	)
Balance, December 31, 2019		1,777,195,805		3,800,405		3,000,000			300			400,000		40		1,000,000		100		125,000		858,218			(6,025,926	)		(1,241,863	)
Conversion of convertible debt		2,936,347,316		432,555		-			-			-		-		-		-		-		213,901			-			646,456
Preferred CL B Stock issued for services		-		-		-			-			1,963,815		196		-		-		-		355,331			-			355,527
Preferred CL B Stock issued for acquisition of Purge Virus LLC		-		-		-						2,000,000		200								799,800						800,000
Preferred CL B Stock issued for PPE Source International, Inc.		-		-								100,000		10								49.990						50,000
Warrants issued for services		-		-		-			-			-		-		-		-		-		862,160			-			862,160
Net loss		-		-		-			-			-		-		-		-		-		-			(1,636,719	)		(1,636,719	)
Balance, December 31, 2020		4,713,543,121		4,232,960		3,000,000			300			4,463,815		446		1,000,000		100		125,000		3,139,400			(7,662,645	)		(164,439	)

The accompanying notes are an integral part of these financial statements

F-5

FOMO CORP. and Subsidiaries

(Formerly 2050 Motors, Inc.)

Consolidated Statement of Cash Flows 

	For the year ended December 31,
	2020			2019
Cash flows provided by (used for) operating activities:
Net loss	$	(1,636,719	)	$	(65,235	)
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
Amortization of debt discount					244,085
Issuance of preferred stock and warrants for services		1,495,911			(100	)
Impairment loss		21,000			247,220
Loss (gain) on debt settlement		25,911			(582,600	)
Derivative liability adjustment		(58,941	)		637,931
Increase (decrease) in assets and liabilities:
Deposits		21,946			-
Accounts payable		56,845			(580,338	)
Income tax payable		-			(2,864	)
Accrued expenses					21,210
Accrued officers Salary		(61,565	)		-
Accrued interest on loans payable		-			(49,740	)
Net cash used for operating activities		(135,612	)		(130,431	)
Cash flows provided by (used for) Investing activities
Cash flows provided by (used for) Financing activities
Proceeds from related party loan		3,574			-
Proceeds from PPP loan		11,593
Proceeds from non-related loans		115,000			113,690
Proceeds of cash from subsidiary		17,451			-
Net cash provided by (used for) financing activities		147,618			113,690
Net (decrease) increase in cash		12,006			(16,741	)
Cash, beginning of period		63			1
Cash, end of period	$	12,069		$	(16,740	)
Supplemental disclosure of cash flow information
Common stock issued for debt	$	761,456		$	249,484
Debt discount from convertible loan	$	-		$	-

The accompanying notes are an integral part of these financial statements

F-6

FOMO CORP. and subsidiaries

(formerly 2050 MOTORS, INC.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – BASIS OF PRESENTATION AND ORGANIZATION

FOMO CORP. previously known as “2050 Motors, Inc.” (“the Company”) is the successor to an entity incorporated on April 22, 1986 in the state of California. 2050 Motors, Inc., the Company’s sole operating subsidiary from 2014-2019, was incorporated on October 9, 2012 in the state of Nevada to import, market, and sell electric cars manufactured in China. In 2019, management dissolved the Company’s Nevada subsidiary as the electric vehicle (“EV”) strategies had failed. Meanwhile, the Company incubated an internet business targeting the Cannabis market @ www.kanab.club and pursued various ventures in the internet, communications, and technology markets. The Company purchased Purge Virus, LLC to enter the viral disinfection market on October 19, 2020, has since closed lighting and energy management acquisitions, and has announced several letters of intent (“LOI’s”) to acquire additional technology and services businesses. See SUBSEQUENT EVENTS for further information on corporate developments post-2020.

Corporate Actions and Related

On March 6, 2019, William Fowler resigned as our President, Chief Executive Officer, Chief Financial Officer and Director. His resignation was not due to any matter relating to our operations, policies, or practices. On March 6, 2019, pursuant to a Special Board of Directors Meeting, our Board of Directors accepted his resignation.

On March 6, 2019, Bernd Schaefers resigned as our Secretary and Director. His resignation was not due to any matter relating to our operations, policies, or practices. On March 6, 2019, pursuant to a Special Board of Directors Meeting, our Board of Directors accepted his resignation.

On March 6, 2019, Vikram Grover was appointed our President, Chief Executive Officer, Chief Financial Officer, Secretary and Director. Mr. Grover’s compensation consists of $12,500 per month, of which $5,000 is payable in cash while the Company is delinquent in its SEC filings and the balance to be accrued and payable in cash or stock on December 31 of each calendar year. Upon bringing the Company current with its SEC filings, Mr. Grover will be compensated $12,500 per month, of which $7,500 is payable in cash and $5,000 will be accrued and payable in cash or stock on December 31 of each calendar year. Additionally, upon bringing the Company current with its SEC filings, Mr. Grover was to be issued 100 million common stock purchase warrants with a $0.001 exercise price and a three-year expiration. If the Company’s common stock closed over $0.01 for 10 consecutive trading sessions, Mr. Grover was to be issued an additional 100 million common stock purchase warrants with a $0.001 strike price and a three-year expiration. Subsequently, Mr. Grover waived his rights to these options.

On April 4, 2019, we removed all Officers and/or Directors of our wholly owned subsidiary, 2050 Motors, Inc., a Nevada corporation (“2050 Private”); thereafter, 2050 Private appointed our Chief Executive Officer, Vikram Grover, as 2050 Private’s President and Sole Director.

On May 14, 2019, we dissolved our 2050 Motors, Inc. Nevada subsidiary and terminated all discussions and contractual relationships with Chinese manufacturers.

On December 16, 2019, we changed our company name to “FOMO CORP.” with the Secretary of State of California on the SEC’s EDGAR system. On November 17, 2020, we applied for a name change with FINRA and have responded to comments several times.

On October 19, 2020, FOMO CORP purchased Purge Virus, LLC and consequently entered the viral disinfection market.

On November 17, 2020, an application was submitted to FINRA to change the name and ticker symbol from 2050 Motors and ETFM to FOMO CORP. and FOMO, respectively. Subsequently, FINRA stated that the “FOMO” ticker symbol was no longer available, and a new ticker symbol was requested.

F-7

As of December 30, 2020, the Company was current with its financials.

Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements were prepared in conformity with generally accepted accounting principles in the United States of America (“US GAAP”).

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include accounts payable, the recoverability of long-term assets, and the valuation of derivative liabilities.

Consolidation

The consolidated financial statements of the Company include the Company and its wholly owned subsidiaries, 2050 Motors, Inc. and Purge Virus, LLC. All material intercompany balances and transactions have been eliminated in consolidation.

Cash

Cash consists of deposits in one large national bank. On December 31, 2020 and December 31, 2019, respectively, the Company had $12,069 and $63 in cash in the United States. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in bank accounts.

Fair Value of Financial Instruments

For certain of the Company’s financial instruments, including cash accounts payable, accrued liabilities, short-term debt, and derivative liability, the carrying amounts approximate their fair values due to their short maturities. We adopted ASC Topic 820, “Fair Value Measurements and Disclosures,”, which requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of valuation hierarchy are defined as follows:

Level 1 input to the valuation methodology are quoted prices for identical assets or liabilities in active markets. The Company’s investment in Mobicard Inc., see Note 4, is actively traded on the pink sheets.

Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 inputs to the valuation methodology are unobservable in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The Company’s analyses of all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815.

F-8

We have recorded the conversion option on notes as a derivative liability because of the variable conversion price, which in accordance with U.S. GAAP, prevents them from being considered as indexed to our stock and qualified for an exception to derivative accounting.

We recognize derivative instruments as either assets or liabilities on the accompanying balance sheets at fair value. We record changes in the fair value of the derivatives in the accompanying statement of operations.

Assets and liabilities measured at fair value are as follows as of December 31, 2020:

	Total		Level 1		Level 2	Level 4
Assets
Investments		168,000		168,000
Total assets measured at fair value		168,000		168,000
Liabilities
Derivative liability		834,230					834,230
Total liabilities measured at fair value		834,230					834,230

Assets and liabilities measured at fair value are as follows as of December 31, 2019:

	Total		Level 1		Level 2	Level 4
Assets
Investments		189,000		189,000
Total assets measured at fair value		189,000		189,000
Liabilities
Derivative liability		893,171					893,171
Total liabilities measured at fair value		893,171					893,171

The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value:

Balance as of December 31, 2018	$	876,058
Fair value of derivative liabilities		134,115
Loss on conversion		69,576
Gain on change in derivative liabilities		(186,578	)
Balance as of December 31, 2019	$	893,171
Balance as of December 31, 2019	$	893,171
Fair value of derivative liabilities		266,068
Loss on conversion		(483,793	)
Gain on change in derivative liabilities		158,784
Balance as of December 31, 2020	$	834,230

F-9

Earnings Per Share (EPS)

Basic EPS is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similar to basic net income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if all the potential common shares, warrants and stock options had been issued and if the additional common shares were dilutive. Diluted EPS assumes that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method for the outstanding options and the if-converted method for the outstanding convertible preferred shares. Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the if-converted method, convertible outstanding instruments are assumed to be converted into common stock at the beginning of the period (or at the time of issuance, if later). During the year ended December 31, 2020 and 2019, the Company generated no revenues and incurred substantial losses, of which the vast majority were due to mostly non-cash charges for accrued interest, penalties and derivative charges related to convertible debt instruments. Therefore, the effect of any common stock equivalents on EPS is anti-dilutive during those periods.

Concentration of Credit Risk

Cash is mainly maintained by one highly qualified institution in the United States. At no time were such amounts more than federally insured limits. Management does not believe that the Company is subject to any unusual financial risk beyond the normal risk associated with commercial banking relationships. The Company has not experienced any losses on our deposits of cash.

Income Taxes

The Company utilizes FASB Accounting Standards Codification (ASC) Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that were included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC 740 provides accounting and disclosure guidance about positions taken by an organization in its tax returns that might be uncertain. When tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income.

F-10

On December 31, 2020 and December 31, 2019, the Company had not taken any significant uncertain tax positions on its tax returns for the period ended December 31, 2019 and prior years or in computing its tax provisions for any years. Prior management considered its tax positions, and believed that all of the positions taken by the Company in its Federal and State tax returns were more likely than not to be sustained upon examination. The Company is subject to examination by U.S. Federal and State tax authorities from inception to present, generally for three years after they are filed. New management, which took control of the Company on March 5, 2019, is currently evaluating prior management’s decision to not file federal tax returns and plans on filing past returns and related 10-99 filings for compensation paid to prior management, employees, consultants, contractors and affiliates. The Company does not believe it has a material tax liability due to its operating losses in these periods but is preparing tax filings to bring itself current as it completes and moves forward on announced mergers and acquisitions.

Concentration of Credit Risk

Cash is mainly maintained by one highly qualified institution in the United States. At various times, such amounts are more than federally insured limits. Management does not believe that the Company is subject to any unusual financial risk beyond the normal risk associated with commercial banking relationships. The Company has not experienced any losses on our deposits of cash.

Risks and Uncertainties

The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history and the volatility of public markets.

Accounts Receivable

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company provides for probable uncollectible amounts based upon its assessment of the current status of the individual receivables and after using reasonable collection efforts. The allowance for doubtful accounts as of December 31, 2020 and 2019 was zero.

Revenue Recognition

The Company recognizes revenues in accordance with Accounting Standards Codification (“ASC”) 606 – Contracts with Customers. Revenue from sales of products is recognized when the related performance obligation is satisfied. The Company’s performance obligation is satisfied upon the shipment or delivery of products to customers.

Stock-Based Compensation

The Company accounts for all stock-based compensation using a fair value-based method. The fair value of equity-classified awards granted to employees is estimated on the date of the grant using the Black-Scholes option-pricing model and the related stock-based compensation expense is recognized over the vesting period during which an employee is required to provide service in exchange for the award.

Goodwill and Other Acquired Intangible Assets

The Company initially records goodwill and other intangible assets at their estimated fair values and reviews these assets periodically for impairment. Goodwill represents the excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and is tested at least annually for impairment, historically during our fourth quarter.

Recently Issued Accounting Pronouncements

In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. We are evaluating the impact this guidance will have on our financial position and statement of operations.

Note 3 – GOING CONCERN

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate the continuation of the Company as a going concern. The Company reported an accumulated deficit of ($7,662,645) as of December 31, 2020. The Company also had negative working capital of ($1,135,595) on December 31, 2020, and had operating losses of ($1,598,286) and ($65,235) for the years ended December 31, 2020 and 2019, respectively. To date, these losses and deficiencies have been financed principally through the issuance of common stock, loans from related parties and from third parties.

In view of the matters described, there is substantial doubt as to the Company’s ability to continue as a going concern without a significant infusion of capital. We anticipate that we will have to raise additional capital to fund operations over the next 12 months. To the extent that we are required to raise additional funds to acquire properties, and to cover costs of operations, we intend to do so through additional offerings of debt or equity securities. There are no commitments or arrangements for other offerings in place, no guaranties that any such financings would be forthcoming, or as to the terms of any such financings. Any future financing may involve substantial dilution to existing investors.

F-11

Note 4 - INVESTMENTS

During the year ended December 31, 2019, the Company issued 400,000 share of preferred class B stock in exchange for 210,000,000 shares of Mobicard Inc. The shares were valued at the market price of $0.0023 per share, or $483,000, at the acquisition date. The shares are currently valued at the market price of $0.0008 per share on December 31, 2020 for a total investment of $168,000.

During the year ended December 31, 2019, the Company received 1,000,000 shares of KANAB CORP. for consulting services provided by the Company’s CEO, Vikram Grover. The shares were valued at $0.0001 per share.

On October 19, 2020, the Company acquired 100% of the member interests of Purge Virus, LLC for consideration of 2,000,000 Series B Preferred Shares, valued at their market value of $800,000. As a result of the acquisition, the Company recognized intangible assets of $225,000 and Goodwill of $596,906. The intangible assets are being amortized over their useful lives, ranging from 3 to 10 years.

Note 5 – LOANS PAYABLE DUE TO RELATED PARTIES

As of December 31, 2020, the Company subsidiary’s chief executive officer had an outstanding balance of $3,574. The loan is non-interest bearing and due on demand.

Note 6 - CONVERTIBLE NOTE PAYABLES

The Company had convertible note payables with three third parties with stated interest rates ranging between 10% and 12% and 22% default interest not including penalties. These notes have a conversion feature such that the Company could not ensure it would have adequate authorized shares to meet all possible conversion demands; accordingly, the conversion option has been treated as a derivative liability in the accompanying interim financial statements. As of December 31, 2020, the Company had the following third-party convertible notes outstanding:

	Lender	Origination	Maturity	Amount		Interest
Note	Auctus	10/28/20	10/28/21		115,000		10.0	%
Note #8*	Power Up 10	03/08/19	01/15/20		9,000		10.0	%
Note #10*	Tri-Bridge	3/15/19	9/15/19		2,286		10.0	%
Note #11*	PowerUp 11	7/9/19	4/30/20		35,000		12.0	%
Note #12*	GS Capital	9/6/19	9/6/20		28,900		12.0	%
Note #13*	GS Capital	11/21/19	11/21/20		18,000		12.0	%
Note #14*	PowerUp	11/21/19	11/21/20		18,000		12.0	%
Total				$	226,186
less discount					0
Net				$	226,186

*Note is currently in default.

As of March 31, 2021, all of the above notes have been retired and there are no loans in default at March 31, 2021.

During the year ended December 31, 2019, third-party lenders converted $231,444 of principal and interest into 1,153,211,664 shares of common stock.

During the year ended December 31, 2020, third-party lenders converted $809,292 of principal and interest into 2,936,347,316 shares of common stock.

F-12

The variables used for the Black-Scholes model are as listed below:

	December 31, 2020	December 31, 2019
●	Volatility: 253% - 466%	Volatility: 191% - 455%
●	Risk free rate of return: 1.24%- 1.53%	Risk free rate of return: 1.93% - 1.99%
●	Expected term: 1-3 years	Expected term: 1-3 years

The Company amortized a debt discount of $63,350 and $100,299 respectively, during the years ended December 31, 2020 and 2019, respectively.

On March 8, 2019, a third-party loaned the Company $28,000.00 in a 12% debenture that matures on January 15, 2020. The transaction netted the Company $25,000.00 after legal fees and due diligence expenses.

On May 13, 2019, the Company borrowed $12,500.00 pursuant to a convertible note agreement bearing an interest rate of 12% per annum and with a maturity date of September 15, 2019.

On July 9, 2019, a third-party lender funded the Company $35,000.00 in the form of a 12% convertible debenture that matures April 30, 2020. The transaction netted the Company $32,000.00 after legal fees and due diligence expenses.

On September 6, 2019, a third-party lender funded the Company $35,000.00 in the form of a 12% convertible debenture that matures September 6, 2020. The transaction netted the Company $30,500.00 after legal fees and due diligence expenses

On November 12, 2019, a third-party lender funded the Company $18,000.00 in a 10% convertible debenture due November 12, 2020. The transaction netted the Company $15,500.00 after original issue discount (OID) of $2,500.00.

On November 14, 2019, a third-party lender funded the Company $18,000.00 in a 10% convertible debenture due November 14, 2020. The transaction netted the Company $12,500.00 after original issue discount (OID) of $3,000.00 and legal fees of $2,500.00.

On October 28, 2020, a third-party lender funded the Company $115,000.00 in a 12% convertible debenture due October 28, 2021. The transaction netted the Company $98,000.00 after original issue discount (OID) of $15,000.00 and placement agent fees of $2,000.00.

Note 7 – COMMITMENTS AND CONTINGENCIES

Aoxin License Agreement

During the year ended December 31, 2019, based on failure to perform including a lack of a license to manufacture and export electric vehicles under our agreement with them, we terminated all discussions and agreements with Aoxin Motors.

F-13

Legal Proceedings

The Company may from time to time, become a party to various legal proceedings, arising in the ordinary course of business. The Company investigates these claims as they arise.

A third-party lender, Auctus Fund, LLC, served the Company notice of a civil lawsuit on November 1, 2019 seeking principal, interest and penalties of $283,000.00 related to a loan provided to the Company on or around January 6, 2017. On November 25, 2019, the Company reached a Settlement Agreement and Mutual General Release with Auctus Fund, LLC. As part of the agreement, the Company agreed that the settlement value of the note and accrued interest was $60,522.32 and the Company would issue the following shares to settle the note and accrued interest:

● On or before November 1, 2020- 264,680,377 Settlement Shares; plus

● On or before December 2, 2020 – 264,680,378 Settlement Shares; plus

● On or before January 1, 2021 – 264,680,378 Settlement Shares.

The Company agreed to irrevocably authorize and reserve a sufficient amount of Settlement Shares of the Company’s common stock pursuant to the reserve requirements of the Note (with an initial amount of at least One Billion - Five Hundred Million (1,500,000,000) Shares of the publicly tradeable ETFM Common Stock for delivery and issuance to the Auctus Fund, LLC. For year-end 2019, the Company accrued a liability of $260,000, representing the fair value of the settlement shares at the date of the settlement agreement. The Settlement Agreement was subsequently amended in 2020 and all principal, interest and penalties were retired as of December 31, 2020.

Note 8 – INCOME TAXES

The Company did not file its federal tax returns for fiscal years from 2012 through 2020. Management at year-end 2020 believed that it should not have any material impact on the Company’s financials because the Company did not have any tax liabilities due to net loss incurred during these years.

Based on the available information and other factors, management believes it is more likely than not that any potential net deferred tax assets on December 31, 2020 and December 31, 2019 will not be fully realizable. The Company is current with franchise tax board fees due to the State of California and intends to prepare tax statements for the federal and state requirements for 2019 and 2020.

Note 9 – WARRANTS AND OPTIONS

As of December 31, 2019, the Company has fifty million warrants with an exercise price of $0.001 and a three-year expiration issued and outstanding to three members of our Advisory Board who were added to that newly created committee during March - April 2019. Additionally, we issued ten million warrants with a strike price of $0.005 and a three-year expiration to EDGE FiberNet, Inc. as compensation for strategic consulting. During the year ended December 31, 2019, the Company recognized $16,803 in expense related to these warrants. During the year ended December 31, 2020, the Company issued warrants for services. During the year ended December 31, 2020 the Company issued 328,571,428 warrants to a third-party lender for fees on a loan default. The Company recognized $844,754 in expense related to these warrants. On December 31, 2020, a total of 713,571,428 warrants were outstanding with a weighted average life of 3.87 years and an intrinsic value of $844,754.

F-14

Note 10 – EQUITY

During the year ended December 31, 2019, the Company increased the authorized shares for common stock of the Company from three (3) billion to ten (10) billion and for preferred shares from ten (10) million to one hundred (100) million.

Between January 1, 2019 and December 31, 2019, the Company issued to third-party lenders a total of 1,242,231,661 shares of common stock pursuant to conversions of $255,334 debt.

On March 6, 2019, our Board of Directors approved, and we filed a Certificate of Determination for with the Secretary of State of California, a new class of Series C Preferred Shares with a total of one million such shares authorized. Each share converts into one common share, has 10,000 votes on every corporate matter requiring a shareholder vote, has a par value of $0.0001, and pays an annual dividend at the option of the Company of $0.01. Subsequent to the end of the three months ended March 30, 2019, the Company issued one million (1,000,000) Series C Preferred Shares to our CEO, Vikram Grover, as consideration for the change of control of the Company. Effective November 6, 2020, the Company increased the authorized Series C Preferred Shares to two (2) million from one (1) million and increased the voting rights of the Series C Preferred shares to 100,000 for every one (1) share from 10,000 for every one (1) share.

On March 27, 2019, we issued a demand letter to BKS Cambria, LLC (“BKS”) and United Biorefineries, Inc. (“United”) to return 84,770,115 and 53,347,701 of our common stock shares in certificate form, respectively, that may have been invalidly issued by prior management to the corporate entities they controlled. BKS and United failed to respond to our demand letter by the demand date and we have not received the foregoing share amounts in certificate form from either BKS or United. UBC has electronically responded, denied any wrongdoing, and refuses to return the certificates. We are evaluating our legal remedies regarding these share issuances.

On April 7, 2019, our Board of Directors approved the creation of a new class of Series B Preferred Shares. A total of six million such shares were authorized. Each share converts into 1,000 common shares, votes on an as converted basis, has a par value of $0.001, and pays a cumulative annual dividend in cash or in kind of $0.01. Effective November 6, 2020, the Company increased the authorized number of Series B Preferred Shares to twenty million from six million to facilitate mergers and acquisitions.

On April 8, 2019, we amended the terms of our existing Series A Preferred stock by changing the par value from nil to $0.0001 and establishing a $0.01 per share annual dividend to be approved by our Board of Directors each year. At the time, each share was convertible into one common share and had 50 votes on corporate matters. As part of the management transition plan announced in March 2019, two million of the Series A Preferred Shares were transferred from former management to our current CEO, Vikram Grover. At the time, a total of three million Series A Preferred Shares were authorized, all of which were and are currently issued and outstanding. The financial statements were retroactively adjusted to give effect to this change in par value.

On May 5, 2019, 2050 Motors, Inc. executed a Securities Purchase Agreement with our CEO, Vikram Grover, for an investment in the Company of $483,000 in the form of 210,000,000 free-trading common shares of Peer-to-Peer Network aka Mobicard Inc. The transaction closed on May 15, 2019. As consideration, the Company issued the investor 400,000 newly created 1% Cumulative Series B Preferred Shares, each of which bears a RESTRICTED CONTROL STOCK legend.

F-15

On May 14, 2019, our Board of Directors approved the dissolution of our wholly owned subsidiary, 2050 Motors, Inc., a Nevada corporation doing business under the same name as our publicly traded company, 2050 Motors, Inc., a California corporation. Additionally, our Board of Directors approved the termination of all discussions and prior agreements with Aoxin Motors regarding the importation of electric vehicles to be made by Aoxin Motors in China into the United States. Our termination was driven by Aoxin Motors’ failure to obtain the necessary license(s) to manufacture e-GO electric vehicles, which have been under development since 2012. Accordingly, on May 14, 2019, we filed paperwork with the Secretary of State of Nevada to dissolve our wholly owned subsidiary, 2050 Motors, Inc., a Nevada corporation, and that dissolution went effective on or around May 17, 2019.

On May 15, 2019, based on due diligence and research by management and the Company’s advisors, the Board of Directors of 2050 Motors, Inc., a California corporation, approved stop action orders on 162,846,149 common shares held by former management, employees, affiliates, and representatives of the Company. Accordingly, management has directed the Company’s transfer agent to prohibit the transfer or sale of any shares associated with their certificates. Pending investigation of the providence of these shares and proof of consideration for said shares, these shares will remain frozen indefinitely and subject to the Company’s powers of enforcement and the rules of law.

On November 18, 2019, a third-party lender converted $2,170.00 of principal and $500.00 of fees into 89,000,000 shares of common stock.

On December 6, 2019, a third-party lender converted $2,350.00 principal and $1,290.00 interest of a convertible debenture into 72,800,000 common shares.

Between January 1, 2020 and December 31, 2020, the Company issued to third-party lenders a total of 2,936,347,316 shares of common stock pursuant to conversions of $761,456 debt.

On January 8, 2020, a third-party lender converted $5,300.00 principal of a convertible debenture into 106,000,000 common shares.

On February 3, 2020, a third-party lender converted $5,600.00 principal of a convertible debenture into 112,000,000 common shares.

On February 5, 2020, a third-party lender converted $4,682.00 principal of a convertible debenture into 93,640,000 common shares.

On February 18, 2020, a third-party lender converted $7,000.00 principal of a convertible debenture into 116,666,667 common shares.

On August 26, 2020, the Company issued its CEO, Vikram Grover, 125,000 Series B Preferred Shares for accrued compensation of $25,000.00.

On August 27, 2020, a third-party lender converted $6,100.00 principal and $947.93 interest of a convertible debenture into 128,144,181 restricted common shares.

On August 31, 2020, a third-party lender converted $2,950.00 principal and $500.00 of fees of a convertible debenture into 115,000,000 common shares.

On September 3, 2020, the Company issued its CEO, Vikram Grover, 1,370,065 Restricted Series B Preferred shares for accrued compensation of $137,065.00.

On September 4, 2020, a third-party lender converted $57.96 principal, $2,811.59 intertest and $500.00 of fees of a convertible debenture into 112,318,333 common shares.

From September 10, 2020 through October 8, 2020, a third-party lender converted $25,000.00 warrants attached to a 2017 loan into 611,005,229 common shares. As a result, the debenture and warrants were retired.

F-16

On September 15, 2020, a third-party lender converted $5,069.54 principal and $1,689.85 interest of a convertible debenture into 135,187,800 common shares.

On September 30, 2020, a third-party lender converted $20,229.66 principal and $6,743.22 interest of a convertible debenture into 179,819,200 common shares.

On October 8, 2020, a third-party lender converted $21,239.12 principal and $7,079.71 interest of a convertible debenture into 188,792,200 common shares.

On October 9, 2020, the Company issued its CEO, Vikram Grover, 93,750 Restricted Series B Preferred shares for accrued compensation of $37,500.00.

On October 13, 2020, we amended the terms of our Series A Preferred Shares to include an annual dividend of $0.0035 per share, a 1-50 conversion ratio and to vote on an as converted basis.

On October 20, 2020, a third-party lender converted $0 principal, $86.40 interest and $30,237.55 penalties related to a convertible debenture into 202,159,667 common shares.

From January 1, 2020 through October 23, 2020, the Company issued 275,000 Restricted Series B Preferred shares to consultants for professional services, including due diligence on the Purge Virus transaction, corporate development, sales and marketing, and other.

Effective October 25, 2020, the Company and a third party lender amended a prior settlement agreement effected in 2019 to require the issuance of seven hundred ninety four million, forty one thousand, one hundred thirty three (794,041,133) Settlement Shares of common stock, as follows: a) publicly tradeable shares of common stock (the “Settlement Shares” or the “Shares”) to be converted, transferred and delivered to the third party lender, in whole or in part pursuant to the third party lender’s notice: 1) on or before November 1, 2020 – 264,680,377 Settlement Shares, in whole or in part as determined by the third party lender, in its discretion; plus 2) on or before December 1, 2020 – 264,680,378 Settlement Shares, in whole or in part as determined by the third party lender, in its discretion; plus 3) on or before January 1, 2021 – 264,680,378 Settlement Shares, in whole or in part, as determined by the third party lender, in its discretion. Remaining shares, which were reserved and subsequently sold, settled the balance of the November 2019 $283,000.00 lawsuit brought by the third-party lender against the Company. The lender subsequently executed conversions of principal, interest, and penalties into 794,041,134 common shares, and the note and associated settlement are now retired/closed.

On November 2, 2020, a third-party lender converted $10,944.39 principal, $93.60 interest and $20,799.13 penalties related to a convertible debenture into 212,247,469 common shares.

On October 28, 2020, a third-party lender funded the Company $115,000.00 in a redeemable convertible note, netting $98,000.00 after an original issue discount (OID) of $10,000.00, legal fees of $5,000.00 in legal fees and $2,000.00 in broker fees.

On December 2, 2020, a third-party lender converted $55,709.65 penalties related to a convertible debenture into 222,838,600 common shares.

On December 30, 2020, a third-party lender converted $12,000.00 principal related to a convertible debenture into 25,000,000 common shares.

On December 31, 2020, we issued a consultant 25,000 Series B Preferred shares for cannabis legal analysis.

F-17

Business Development and Related

On October 2, 2020, we issued John Kelly, owner of PPE Source International LLC (PPESI), a provider of PPE to small, medium, and large businesses, institutions, and government customers, 100,000 Series B Preferred Shares for a 180-day exclusive option to purchase his 100% member interests in PPESI. We are in negotiations to extend this purchase option.

On October 19, 2020, we closed the acquisition of 100% of the member interests of Purge Virus, LLC from Charles Szoradi for consideration of two million (2,000,000) Series B Preferred Shares. The purchase maintains PV as a 100% owned subsidiary of FOMO CORP., includes cross-selling relationships with Mr. Szoradi’s 100% owned LED company Independence LED and 33% owned energy management software company Energy Intelligence Center (EIC), and JV partner Company PPE Source International LLC.

On December 6, 2020, we appointed Paul Benis, a 30-year veteran of the industrial HVAC market, technology executive and owner of PVBG Inc, to the Advisory Board. As part of the appointment, we issued Benis ten (10) million common stock purchase warrants with a strike price of $0.001 and a three-year expiration.

COVID-19 Pandemic Update

In March 2020, the World Health Organization declared a global health pandemic related to the outbreak of a novel coronavirus. The COVID-19 pandemic adversely affected the company’s financial performance in the third and fourth quarters of fiscal year 2020 and could have an impact throughout fiscal year 2021. In response to the COVID-19 pandemic, government health officials have recommended and mandated precautions to mitigate the spread of the virus, including shelter-in-place orders, prohibitions on public gatherings and other similar measures. There is uncertainty around the duration and breadth of the COVID-19 pandemic, as well as the impact it will have on the company’s operations, supply chain and demand for its products. As a result, the ultimate impact on the company’s business, financial condition or operating results cannot be reasonably estimated at this time.

On June 4, 2020, the Company entered a $11,593 note payable to Bank of America, pursuant to the Paycheck Protection Program (“PPP Loan”) under the CARES Act. The loan remains outstanding but is expected to be forgiven by the U.S. government based on guidance from the Company’s commercial bank, Bank of America. We have applied for forgiveness of the loan with the SBA through our commercial bank, Bank of America.

Warrants

On October 28, 2020, the Company issued 328,571,428 warrants to a third-party lender with a 5-year expiration and an exercise price of $0.0007 per share.

On November 3, 2020, the Company issued 10,000,000 warrants to Dr. Wayman Baker, PhD with at a three-year expiration and an exercise price of $0.001 per share.

On December 2, 2020, the Company reduced the exercise price on 10,000,000 warrants owned by Aldo Baiocchi, former Advisory Board member who has provided working capital to the Company, from $0.01 per share to $0.001 per share.

On December 7, 2020, we issued Paul Benis, an Advisory Board member, 20,000,000 common stock purchase warrants with a three-year expiration and $0.001 exercise price, for services to be rendered during 2021.

On December 31, 2020, we issued a consultant 25,000,000 warrants with a three-year expiration and a $0.001 exercise price for digital consultation and sales incentive.

On December 31, 2020, as compensation for bring the Company SEC current and for retention purposes, we issued our CEO Vikram Grover 200,000,000 warrants with a three-year expiration and an exercise price of $0.001.

F-18

On December 31, 2020, we issued Roderick Martin, CEO of AGILE Technologies Group, LLC, 20,000,000 common stock purchase warrants with a three-year expiration and $0.01 exercise price as compensation for joining our Advisory Board.

On December 31, 2020, we issued AGILE Technologies Group, LLC, 100,000,000 common stock purchase warrants with a three-year expiration and $0.001 exercise price as a sales incentive for offering our disinfection products and others to AGILE’s rapid diagnostic testing (“RDT”) clients. The warrants shall vest upon the generation of $500,000 in cumulative disinfection sales from our subsidiary Purge Virus, LLC by December 31, 2021 or $1,000,000 in cumulative disinfection sales from our subsidiary Purge Virus, LLC by December 31, 2023. Both Companies have an exclusive cross-selling agreement for their products which has generated material revenues to date.

Note 11 – SUBSEQUENT EVENTS

On January 1, 2021, we issued a consultant 25,000 Series B Preferred shares as a sales incentive for introducing us to native tribes, professional sports players, major recording artists, and other.

On January 4, 2021, a third-party lender converted $19,200.00 of principal and $0.00 interest related to a debenture into 40,000,000 common shares.

On January 5, 2021, a third-party lender converted $10,800.00 of principal and $7,248.16 interest related to a debenture into 40,000,000 common shares.

On January 6, 2021, we issued 175,000 Series B Preferred shares to two owners of SmartGuard UV for exclusive negotiations right to buy some or all units of the Company for a six-month period.

On January 7, 2021, a third-party lender converted $20,000.00 of principal and $0.00 interest related to a debenture into 55,555,556 common shares.

On January 11, 2021, a third-party lender converted $20,000.00 of principal and $0.00 interest related to a debenture into 55,555,556 common shares.

On January 11, 2021, a third-party lender converted $28,900.00 of principal and $7,094.36 interest and $1,590.00 in fees related to a debenture into 97,621,714 common shares.

On January 13, 2021, a third-party lender converted $21,059.18 of principal and $0.00 interest related to a debenture into 58,497,722 common shares.

On January 14, 2021, a third-party lender converted $18,000.00 of principal and $4,166.14 interest and $800.00 in fees related to a debenture into 59,652,311 common shares.

On January 20, 2021, a third-party lender funded a $205,000.00 debenture netting us $180,000.00 after OID and fees. We used a portion of the funds to retire a $115,000.00 third-party note funded to us on October 28, 2020.

On January 21, 2021, a third-party lender converted $18,000.00 of principal and $11,478.58 interest related to a debenture into 58,497,722 common shares.

On February 11, 2021, we issued 100,000 Series B Preferred shares to the owner of a nationwide HVAC services company as a down payment for potential acquisition of the business.

On February 12, 2021, we acquired 100% of the assets of Independence LED Lighting, LLC (“ILED”) for 250,000 Series B shares to move into the smart lighting and grow lights sectors.

On February 17, 2021, we issued Dr. Wayman Baker, an Advisory Board member, 20,000,000 common stock purchase warrants with a three-year expiration and $0.01 exercise price as compensation for services to be rendered in 2021.

F-19

On February 26, 2021, we retained BRIO Financial Group for outsource CFO services. We have committed 100,000,000 common stock purchase warrants with a three-year expiration and $0.02 exercise price as part of the compensation package. We expect BRIO will improve our financial controls. On or around the same timeframe, we retained a strategic M&A consultant to integrate our closed and planned acquisitions and issued his firm 6,250,000 restricted common shares. Further, we engaged an investor relations consultant in part with 300,000 restricted common shares, to update our presentation deck. We believe these engaged companies and professionals will help our Company move to the next level in finance, operations, and the public markets.

On February 27, 2021, the Company issued RHK Capital, a FINRA investment banking and brokerage firm, 100,000,000 common stock purchase warrants with a three-year expiration and a $0.02 exercise price as a retainer for services.

On March 4, 2021, we entered into a strategic partnership agreement with Online Energy Manager, LLC (“OEM”), including cross-selling and referrals of energy management software, a purchase option for up to 100% of OEM with a valuation cap at $10 million, and the issuance to OEM of 100,000,000 common stock purchase warrants with a five-year expiration and a $0.01 exercise price. We can redeem the warrants if our common stock closes over $0.03 for 20 sessions and the underlying common shares have been registered, which would provide capital.

On March 4, 2021, we issued Andrea Breaux, an executive at EcoLite Holdings, LLC one of our acquisition targets, 20,000,000 common stock purchase warrants with a three-year expiration and $0.01 exercise price. Ms. Breaux has joined our Advisory Board and is managing our social media.

On March 4, 2021, we issued Dilip Limaye, owner of Online Energy Manager, LLC (“OEM”) one of our strategic partners, 20,000,000 common stock purchase warrants with a three-year expiration and $0.01 exercise price. Mr. Limaye has joined our Advisory Board and is partnering with us for clean building energy management.

On March 6, 2021, we acquired 100% of the assets of Energy Intelligence Center, LLC (“EIC”) to further push into the clean building market. As consideration, we issued EIC 125,000 Series B Preferred shares and 50,000,000 common stock purchase warrants with a three-year expiration and a $0.01 exercise price.

Since December 31, 2020, the Company has signed letters of intent (“LOIs”) now in various stages of due diligence to acquire EcoLite Holdings, LLC, an HVAC services contractor (name redacted), LED Funding, LLC and LUX Solutions, LLC, which are structured with consideration in the form of restricted Preferred B shares equity, cash subject to financing and seller notes. All said transactions’ documentation is available on Forms 8-K filed with the SEC’s EDGAR system. The offers are non-binding and there are no assurances.

Per Note 6 the Company had $111,186 of convertible notes that were in default. During the first quarter of 2021 the Company converted all of that balance thereby curing all debt defaults. With regard to the final conversion of these default notes, on March 31, 2021, the Company retired the residual balance of a $200,000.00 Master Note partially funded by Tri-Bridge Ventures (“TBV”) on March 15, 2019, with $2,286.00 remaining principal, $3,069.86 accrued interest and $231,930.14 accrued penalties. For consideration, FOMO CORP. issued TBV 75,000,000 common shares. The transaction eliminated all default debt within FOMO’s capital stack/debt table making the Company current with its sole creditor GS Capital.

F-20

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed with an objective of ensuring that information required to be disclosed in our periodic reports filed with the Securities and Exchange Commission, such as this Annual Report on Form 10-K, is recorded, processed, summarized, and reported within the time periods specified by the Securities and Exchange Commission. Disclosure controls are also designed with an objective of ensuring that such information is accumulated and communicated to our management, including our chief executive officer, to allow timely consideration regarding required disclosures.

The evaluation of our disclosure controls by our principal executive officer included a review of the controls’ objectives and design, the operation of the controls, and the effect of the controls on the information presented in this Annual Report. Our management, including our chief executive officer, does not expect that disclosure controls can or will prevent or detect all errors and all fraud, if any. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Also, projections of any evaluation of the disclosure controls and procedures to future periods are subject to the risk that the disclosure controls and procedures may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Principal Financial Officer, of the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 as of the end of the period covered by this report. Based on that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that there were weaknesses in our internal controls over Financial reporting as of December 31, 2019 and they were therefore not effective to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934 was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. The weaknesses in our controls and procedure were failure to timely file tax returns, lack of formal documents such as invoices and consulting agreements, and lack of evidence for proper approval and review of disbursements. Management does not believe that any of these weaknesses materially affected the results and accuracy of its financial statements. However, in view of this discovery of such weaknesses, management has begun a review to improve them.

MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING.

Management is responsible for establishing and maintaining adequate internal control over financial reporting for the company in accordance as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the (i) effectiveness and efficiency of operations, (ii) reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, and (iii) compliance with applicable laws and regulations. Our internal controls framework is based on the criteria set forth in the Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

11

Management’s assessment of the effectiveness of the small business issuer’s internal control over financial reporting is as of the year ended December 31, 2019. We believe that internal controls over financial reporting as set forth above shows some weaknesses and are not effective. We have identified certain weaknesses considering the nature and extent of our current operations and any risks or errors in financial reporting under current operations.

This annual report does not include an attestation report of the company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the SEC that permit the Company to provide only management’s report in this annual report.

Item 9B. Other Information.

Not applicable.

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The following table sets forth the names and ages of the directors and executive officers of the Company as of December 31, 2019 and the principal offices and positions with the Company held by each person. The executive officers of the Company are elected annually by the Board of Directors. The directors serve one-year terms until their successors are elected. The executive officers serve terms of one year or until their death, resignation, or removal by the Board of Directors. There are no family relationships among any of the officers and directors.

Name	Age	Position(s)
Vikram Grover	51	Chairman, CEO, President, CFO, Secretary

Vikram Grover has 25 years-experience on Wall Street as an equity research analyst, investment banker and consultant that has been advising, financing, and launching businesses for several years. He has worked at Thomas Weisel Partners Group, Inc. (now Stifel Nicolaus), Needham & Co., Source Capital Group, Inc. and Kaufman Bros., LLC in various capacities ranging from Director of Research, Senior Managing Director Investment Banking, and Managing Director Equity Research covering Telecommunications, Media, and Technology (TMT) companies. Prior to FOMO CORP., he was CEO of the first publicly traded eSports social site and tournament platform, Good Gaming. He was introduced to Charles Szoradi, the founder of Purge Virus three years ago. Mr. Grover has a Master of Science in Management (“MSM”) from the Georgia Institute of Technology (“Georgia Tech”), a BA in Marketing from the University of California San Diego (“UCSD”) and is a Chartered Financial Analyst (“CFA”).

When appropriate D&O insurance is obtained, the Company has agreed to appoint Charles Szoradi to the Board of Directors. The Company currently maintains an Advisory Board comprised of several individuals with technology, finance, and various industry experience, many of whom are likely to join the Company’s Board of Directors in 2021.

Term of Office

All officers and directors listed above will remain in office until the next annual meeting of our stockholders, and until their successors have been duly elected and qualified or until removed from office in accordance with our bylaws. There are no agreements with respect to the election of Directors. Other than stock options of various amounts, we have not compensated our Directors for service on our Board of Directors, any committee thereof, or reimbursed for expenses incurred for attendance at meetings of our Board of Directors and/or any committee of our Board of Directors. Officers are appointed annually by our Board of Directors and each Executive Officer serves at the discretion of our Board of Directors. We do not have any standing committees. Our Board of Directors may in the future determine to pay Directors’ fees and reimburse Directors for expenses related to their activities.

To management’s knowledge, none of FOMO CORP.’s past or named Officers and/or Directors have filed any bankruptcy petition, been convicted of or been the subject of any criminal proceedings or the subject of any order, judgment or decree involving the violation of any state or federal securities laws within the past five (5) years.

12

Management has not filed any bankruptcy petition, been convicted of or been the subject of any criminal proceedings or is the subject of any order, judgment or decree involving the violation of any state or federal securities laws within the past five (5) years.

Prior management and Directors, Bernd Schaefers and William Fowler, resigned from their positions at FOMO CORP. on or around March 6, 2019 and were replaced with Vikram Grover. Further information on this change of management can be found on Form 8-K filings with the SEC on or around March 6, 2019.

Board Committees

Audit Committee

We do not have a standing audit committee of the Board of Directors. Management has determined not to establish an audit committee at present because of our limited resources and limited operating activities do not warrant the formation of an audit committee or the expense of doing so. We do not have a financial expert serving on the Board of Directors or employed as an officer based on management’s belief that the cost of obtaining the services of a person who meets the criteria for a financial expert under Item 401(e) of Regulation S-B is beyond its limited financial resources and the financial skills of such an expert are simply not required or necessary for us to maintain effective internal controls and procedures for financial reporting in light of the limited scope and simplicity of accounting issues raised in its financial statements at this stage of its development.

Code of Ethics

As of December 31, 2020, former management had not adopted a Code of Ethics applicable to our principal executive officer and principal financial officer. New management believes that a formal written code of ethics is necessary. We expect that the Company will adopt a code of ethics as soon as practicable in 2021.

Our directors will serve until the next annual meeting of shareholders or until their successors are duly elected and have qualified. Officers hold their positions at the pleasure of the board of directors, absent any employment agreement, of which none currently exists or is contemplated. There is no arrangement or understanding between any person pursuant to which any director or officer was or is to be selected as a director or officer, and there is no arrangement, plan or understanding as to whether non-management shareholders will exercise their voting rights to continue to elect directors to our board. There are also no arrangements, agreements or understandings between non-management shareholders that may directly or indirectly participate in or influence the management of our affairs. Our Board of Directors does not have any committees currently.

On March 27, 2021, a Code of Ethics and Professional Conduct for FOMO CORP. for company officers, consultants and advisory board members was established.

Indemnification of Executive Officers and Directors

Our Articles of Incorporation and by-laws provide for indemnification of directors and officers to the fullest extent permitted by the California General Corporation Law (the “CGCL”). Section 317 of the CGCL provides that any director or officer of a California corporation may be indemnified against judgments, penalties, fines, settlements and reasonable expenses actually incurred by him in connection with or in defending any action, suit or proceeding in which he is a party by reason of his position, so long as it shall be determined that he conducted himself in good faith and that he reasonably believed that his conduct was in the corporation’s best interest and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his conduct was unlawful. If a director or officer is wholly successful, on the merits or otherwise, in connection with such proceeding, such indemnification is mandatory.

We have agreed in principle to indemnify each of our directors and certain officers against certain liabilities, including liabilities under the Securities Act of 1933.

Currently we do not maintain any directors’ and officers’ liability insurance covering our directors and officers against expenses and liabilities arising from certain actions to which they may become subject by reason of having served in such role.

13

At present, other than litigation filed by Online Energy Manager, LLC (“OEMN”) against Energy Intelligence Center, LLC (“EIC”), an entity controlled by Charles Szoradi, CEO of our Purge Virus, LLC subsidiary, there is no pending litigation or proceeding involving any of our directors, officers, employees, or agents where indemnification will be required under California law. We are not aware of any threatened litigation or preceding that might result in a claim for such indemnification. All disputes between OEM, EIC and Szoradi now have been settled.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to our directors, officers and controlling persons pursuant to the provisions described above, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than our payment of expenses incurred or paid by our director, officer or controlling person in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

Item 11. Executive Compensation.

Other than an employment agreement with our CEO Vikram Grover (below), we have not entered into employment agreements with our executive officers and their compensation, if any, is determined at the discretion of our Board of Directors.

We do not offer retirement benefit plans to our executive officers, nor have we entered any contract, agreement, plan, or arrangement, whether written or unwritten, that provides for payments to a named executive officer at, or in connection with, the resignation, retirement or other termination of a named executive officer, or a change in control of the company or a change in the named executive officer’s responsibilities following a change in control. We do not have any standard arrangement for compensation of our directors for any services provided as director, including services for committee participation or for special assignments.

The Company does not have a compensation committee. Given the nature of the Company’s business, its limited stockholder base and the current composition of management, the board of directors does not believe that the Company requires a compensation committee at this time.

The following table summarizes all compensation recorded by us in 2019 and 2018 for our principal executive officers, each other executive officer serving as such whose annual compensation exceeded $100,000, and up to two additional individuals for whom disclosure would have been made in this table but for the fact that the individual was not serving as an executive officer of our company on December 31, 2019. The value attributable to any option awards is computed in accordance with FASB ASC Topic 718. The assumptions made in the valuations of the option awards are included in Note 2 of the Notes to our Financial Statements appearing later in this report.

14

SUMMARY COMPENSATION TABLE

Name and Principal Position	Year	Salary ($)		Bonus ($)		Stock Awards ($)		Option Awards ($)		Non-Equity Incentive Plan Compensation ($)		Nonqualified Deferred Compensation ($)		All Other Compensation ($)		Total ($)
Vikram Grover	2020		150,000		0		0		200,000		0		0		0		350,000
Vikram Grover	2019		0		0		0		0		0		0		0		0
William Fowler	2020		0		0		0		0		0		0		0		0
William Fowler	2019		0		0		0		0		0		0		0		0

Note: Vikram Grover appointed CEO and Director on March 6, 2019.

Employment Agreement

The Company has an employment agreement with its CEO, Vikram Grover, compensating him $12,500 per month, including $5,000 in cash compensation if the Company is not current and $7,500 in cash compensation if current with its SEC filings, with the balance due in restricted Series B Preferred shares. During 2019 and 2020, Mr. Grover converted all accrued compensation into Series B Preferred shares, leaving amounts due to him on December 31, 2020 at $0.00.

Stock Option Plan

We do not have a stock option plan although we may adopt one or more such plans in the future.

Employee Pension, Profit Sharing, or other Retirement Plans

We do not have a defined benefit, pension plan, profit sharing or other retirement plan, although we may adopt one or more of such plans in the future.

15

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The following table sets forth, as of the closing of the acquisition of 2050 Motors, certain information with respect to the Company’s equity securities owned of record or beneficially by (i) each Officer and Director of the Company; (ii) each person who owns beneficially more than five percent (5%) of each class of the Company’s outstanding equity securities; and (iii) all Directors and Executive Officers as a group.

Title of Class	Name and Address of Beneficial Owner	Amount and Nature of Beneficial Ownership		Percent of Class (1)
Common Stock	Vikram Grover		0		0.0	%
Common Stock	All Directors and Officers as a Group (1 person)		0		0.0	%

⁽¹⁾ Unless otherwise indicated, based on 5,443,861,492 shares of common stock issued and outstanding as of the date of this report. Shares of common stock subject to options or warrants currently exercisable or exercisable within 60 days, are deemed outstanding for purposes of computing the percentage of the person holding such options or warrants but are not deemed outstanding for the purposes of computing the percentage of any other person.

Vikram Grover currently holds over 5% of the following classes of stock: Series A Preferred Shares (2,000,000 or 67%), Series B Preferred Shares (1,895,065 or 46%) and Series C Preferred Shares (1,000,000 or 100.0%).

Charles Szoradi, CEO of FOMO’s wholly owned subsidiary Purge Virus, LLC, currently holds over 5% of the Company’s Series B Preferred Shares (1,500,000 or 36%).

There were no classes of stock other than common stock or Series A, B & C Preferred stock issued or outstanding as of December 31, 2019.

There are no current arrangements which will result in a change in control.

Item 13. Certain Relationships and Related Transactions and Director Independence.

Related Party Transactions

None.

Director Independence

Our Common Stock is not quoted or listed on any national exchange or interdealer quotation system with a requirement that a majority of our board of directors be independent and therefore, the Company is not subject to any director independence requirements. Under NASDAQ Rule 5605(a)(2)(A), a director is not considered to be independent if he or she is also an executive officer or employee of the corporation. Under such definition our three officers and directors would not be considered an independent director.

Item 14. Principal Accountant Fees and Services.

During 2020 and 2019 Boyle CPA, LLC, the Company’s independent auditors, have billed for their services as set forth below. In addition, fees and services related to the audit of the financial statements of the Company for the period ended December 31, 2020, as contained in this Report, are estimated, and included for the fiscal year ended December 31, 2020.

16

	Year ended December 31,
	2020		2019
Audit Fees	$	12,500	$	12,500
Audit-Related Fees	$	-0-	$	-0-
Tax Fees	$	-0-	$	-0-
All Other Fees	$	-0-	$	-0-

Pre-Approval Policy

Our Board preapproved all services provided by Boyle CPA, LLC. For any non-audit or non-audit related services, the Board must conclude that such services are compatible with independence as our auditors.

PART IV

Item 15. Exhibits; Financial Statement Schedules.

Exhibit No.	Description
2.1*	Plan and Agreement of Reorganization dated as of January 30, 2014, among the Company, 2050 Motors and the 2050 Motors Shareholders.
3.1**	Articles of Incorporation
3.2**	Articles of Amendment
3.3**	Amended and Restated By-laws December 16, 2019
10.1**	Convertible Note Between the Company and Auctus Fund LLC dated January 6, 2017
10.2**	Convertible Note Between the Company and JSJ Investments dated April 25, 2017
10.3**	Convertible Note and Warrant Agreement Between the Company and Crown Bridge Partners LLC September 15, 2017
10.4**	Convertible Note Between the Company and LG Capital Funding, LLC dated November 14, 2017
10.5**	Convertible Note Between the Company and PowerUp Lending Group Ltd. dated January 24, 2018
10.6**	Convertible Note Between the Company and PowerUp Lending Group Ltd. dated February 22, 2018
10.7**	Convertible Note Between the Company and PowerUp Lending Group Ltd. dated April 11, 2018
10.8**	Convertible Note Between the Company and PowerUp Lending Group Ltd. dated April 27, 2018.
10.9**	Convertible Note Between the Company and Jabro Funding Corp. dated July 23, 2018
10.10**	Convertible Note Between the Company and Jabro Funding Corp. dated October 1, 2018
10.11**	Convertible Note Between the Company and PowerUp Lending Group Ltd. dated November 1, 2018

17

10.12**	Convertible Note Between the Company and PowerUp Lending Group Ltd. dated March 8, 2019
10.13**	Convertible Note Between the Company and Tri-Bridge Ventures LLC dated March 15, 2019
10.14**	Convertible Note Between the Company and PowerUp Lending Group Ltd. dated July 9, 2019
10.15**	Convertible Note Between the Company and GS Capital Partners LLC dated September 6, 2019
10.16**	Convertible Note Between the Company and GS Capital Partners LLC dated November 12, 2019
10.17**	Convertible Note Between the Company and PowerUp Lending Group Ltd. dated November 14, 2019
10.18**	Convertible Note Between the Company and Auctus Fund LLC dated October 28, 2020
10.19**	Definitive Acquisition Agreement Between the Company and Purge Virus, LLC September 29, 2020
10.20**	FOMO CORP. – Purge Virus, LLC Reps and Warranties October 18, 2020
31.1***	Certification of Principal Executive Officer pursuant to Rule 13a-14 and Rule 15d 14(a), promulgated under the Securities and Exchange Act of 1934, as Amended.
31.2***	Certification of Principal Financial Officer pursuant to Rule 13a-14 and Rule 15d 14(a), promulgated under the Securities and Exchange Act of 1934, as Amended.
32.1***	Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

*	Incorporated by reference to the Company’s Form 8-K as filed with the SEC on February 5, 2014.
**	Incorporated by reference to the Company’s Registration Statement on Form 10’s as filed with the SEC on October 30, 2012, July 19, 2019 and December 7, 2020 (amended December 8, 2020). And by reference to Company’s Form 10K filed December 31, 2020 and the Company’s 8K filed October 7, 2020.
***	Filed herewith.

18

SIGNATURES

In accordance with the Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the 7^th day of April 2021.

FOMO CORP.
By:	/s/ Vikram Grover
	Vikram Grover, President (Principal Executive Officer)

19

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Vikram Grover, certify that:

1.	I have reviewed this report on Form 10-K/A of FOMO CORP.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a.	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a.	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Vikram Grover

Vikram Grover

President (Principal Executive Officer)

April 7, 2021

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Vikram Grover, certify that:

1.	I have reviewed this report on Form 10-K/A of FOMO CORP.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a.	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a.	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Vikram Grover

Vikram Grover

Chief Financial Officer

April 7, 2021

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report of FOMO CORP. (the “Company”) on Form 10-K/A for the period ending December 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Vikram Grover

Vikram Grover

President (Principal Executive Officer)

April 7, 2021

/s/ Vikram Grover

Vikram Grover

Chief Financial Officer

April 7, 2021

XML

Document and Entity Information	12 Months Ended
	Dec. 31, 2020 USD ($) shares
Cover [Abstract]
Entity Registrant Name	FOMO CORP.
Entity Central Index Key	0000867028
Document Type	10-K/A
Document Period End Date	Dec. 31, 2020
Amendment Flag	true
Amendment Description	The sole purpose of this Amendment No. 1 to the Annual Report on Form 10-K for the period ended December 31, 2020 of FOMO CORP. (the "Company") filed with the Securities and Exchange Commission on April 06, 2021 (the "Form 10-K") is to furnish Exhibits 101 in accordance with Rule 405 of Regulation S-T and corrected the clerical errors in the Form 10-K.
Current Fiscal Year End Date	--12-31
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float | $	$ 5,988,248
Entity Common Stock, Shares Outstanding | shares	4,713,543,121
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020

XML

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash	$ 12,069	$ 63
Accounts receivable	20,859
Prepaid expense	910
Total current assets	33,838	63
Other assets:
Investments	168,000	189,000
Intangible assets	206,250
Goodwill	596,906
Total other assets	971,156	189,000
Total assets	1,004,994	189,063
Current liabilities
Accounts payable	63,291	5,500
Tax payable
Accrued expenses		62,510
Accrued interest on loans payable	24,945
Customer deposit	5,614	21,947
Loan payable related party	3,574
Loans payable due to non-related parties, net	226,186	187,798
PPP loan	11,593
Loan settlement		260,000
Derivative liability	834,230	893,171
Total current liabilities	1,169,433	1,430,926
Total liabilities	1,169,433	1,430,926
Stockholders' deficit
Common stock; no par value authorized: 10,000,000,000 shares at December 31, 2020 and 2018, respectively: issued and outstanding 4,713,543,121 and 1,777,195,805 at December 31, 2020 and 2019, respectively	4,232,960	3,800,405
Additional paid-in-capital	3,139,400	858,218
Accumulated deficit	(7,662,645)	(6,025,926)
Common stock issuable	125,000	125,000
Total stockholders' deficit	(164,439)	(1,241,863)
Total liabilities and stockholders' deficit	1,004,994	189,063
Preferred Class A [Member]
Stockholders' deficit
Preferred stock, value	300	300
Preferred Class B [Member]
Stockholders' deficit
Preferred stock, value	446	40
Preferred Class C [Member]
Stockholders' deficit
Preferred stock, value	$ 100	$ 100

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Common stock, no par value
Common stock, shares authorized	10,000,000,000	10,000,000,000
Common stock, shares issued	4,713,543,121	1,777,195,805
Common stock, shares outstanding	4,713,543,121	1,777,195,805
Preferred stock, shares authorized		100,000,000
Preferred Class A [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	78,000,000	78,000,000
Preferred stock, shares issued	3,000,000	3,000,000
Preferred stock, shares outstanding	3,000,000	3,000,000
Preferred stock, dividend percent	1.00%	1.00%
Preferred Class B [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	4,463,815	400,000
Preferred stock, shares outstanding	4,463,815	400,000
Preferred stock, dividend percent	1.00%	1.00%
Preferred Class C [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	1,000,000	1,000,000
Preferred stock, shares outstanding	1,000,000	1,000,000
Preferred stock, dividend percent	1.00%	1.00%

XML

Consolidated Statement of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Operating revenue	$ 92,114
Cost of revenue	88,354
Gross profit	3,760
Operating expenses:
General and administrative	1,602,046	212,708
Loss from operations	(1,598,286)	(212,708)
Other income (expenses)
Interest expense	(165,821)	(18,032)
Amortization of discount		(100,299)
Loss on investment	(21,000)	(247,220)
Debt settlement gain (loss)	89,447	582,600
Derivative liability gain (loss)	58,941	(69,576)
Total other income (expenses)	(38,433)	147,473
Loss before income taxes	(1,636,719)	(65,235)
Provision for income taxes
Net loss	$ (1,636,719)	$ (65,235)
Net loss per share, basic and diluted	$ (0.00)	$ (0.00)
Weighted average common equivalent share outstanding, basic and diluted	2,506,371,138	1,127,890,040

XML

Consolidated Statement of Stockholders' Deficit - USD ($)	Common Stock [Member]	Common Stock Issuable [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Preferred Stock Class A [Member]	Preferred Stock Class B [Member]	Preferred Stock Class C [Member]	Total
Beginning balance at Dec. 31, 2018	$ 3,405,360	$ 125,000	$ 536,356	$ (5,960,691)	$ 45,000			$ (1,848,975)
Beginning balance, shares at Dec. 31, 2018	623,964,144				3,000,000
Conversion of convertible debt	$ 395,045		(163,601)					231,444
Conversion of convertible debt, shares	1,153,231,661
Preferred Stock no par returned					$ (45,000)			(45,000)
Preferred Stock no par returned, shares					(3,000,000)
Preferred CL A Stock issued for investment			44,700		$ 300			45,000
Preferred CL A Stock issued for investment, shares					3,000,000
Preferred CL B Stock issued for investment			423,960			$ 40		424,000
Preferred CL B Stock issued for investment, shares						400,000
Preferred CL C Stock issued for investment							$ 100	100
Preferred CL C Stock issued for investment, shares							1,000,000
Warrants issued for services			16,803					16,803
Net Loss				(65,235)				(65,235)
Ending balance at Dec. 31, 2019	$ 3,800,405	125,000	858,218	(6,025,926)	$ 300	$ 40	$ 100	(1,241,863)
Ending balance, shares at Dec. 31, 2019	1,777,195,805				3,000,000	400,000	1,000,000
Conversion of convertible debt	$ 432,555		213,901					646,456
Conversion of convertible debt, shares	2,936,347,316
Preferred CL B Stock issued for services			355,331			$ 196		355,527
Preferred CL B Stock issued for services, shares						1,963,815
Warrants issued for services			862,160					862,160
Preferred CL B Stock issued for acquisition of Purge Virus LLC			799,800			$ 200		800,000
Preferred CL B Stock issued for acquisition of Purge Virus LLC, shares						2,000,000
Preferred CL B Stock issued for PPE Source International, Inc.			49,990			$ 10		50,000
Preferred CL B Stock issued for PPE Source International, Inc, shares						100,000
Net Loss				(1,636,719)				(1,636,719)
Ending balance at Dec. 31, 2020	$ 4,232,960	$ 125,000	$ 3,139,400	$ (7,662,645)	$ 300	$ 446	$ 100	$ (164,439)
Ending balance, shares at Dec. 31, 2020	4,713,543,121				3,000,000	4,463,815	1,000,000

XML

Consolidated Statement of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows provided by (used for) operating activities:
Net loss	$ (1,636,719)	$ (65,235)
Adjustments to resoncile net loss to net cash provided by (used for) operating activities:
Amortization of debt discount		244,085
Issuance of prefeerred stock and warrants for services	1,495,911	(100)
Impairment loss	21,000	247,220
Loss (gain) on debt settlement	(89,447)	(582,600)
Derivative liability adjustment	(58,941)	637,931
Increase (decrease) in assets and liabilities:
Deposits	21,946
Accounts payable	56,845	(580,338)
Income tax payable		(2,864)
Accrued expenses		21,210
Accrued officers Salary	(61,565)
Accrued interest on loans payable		(49,740)
Net cash used for operating activities	(135,612)	(130,431)
Cash flows provided by (used for) Financing activities
Proceeds from related party loan	3,574
Proceeds from PPP loan	11,593
Proceeds from non-related loans	115,000	113,690
Proceeds of cash from subsidiary	17,451
Net cash provied by (used for) financing activities	147,618	113,690
Net (decrease) increase in cash	12,006	(16,741)
Cash, beginning of period	63	1
Cash, end of period	12,069	63
Supplemental disclosure of cash flow information
Common stock issued for debt	761,456	249,484
Debt discount from convertible loan

XML

Basis of Presentation and Organization

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Organization

Note 1 – BASIS OF PRESENTATION AND ORGANIZATION

FOMO CORP. previously known as “2050 Motors, Inc.” (“the Company”) is the successor to an entity incorporated on April 22, 1986 in the state of California. 2050 Motors, Inc. the Company’s sole operating subsidiary from 2014-2019, was incorporated on October 9, 2012 in the state of Nevada to import, market, and sell electric cars manufactured in China. In 2019, management dissolved the Company’s Nevada subsidiary as the electric vehicle (“EV”) strategies had failed. Meanwhile, the Company incubated an internet business targeting the Cannabis market @ www.kanab.club and pursued various ventures in the internet, communications, and technology markets. The Company purchased Purge Virus, LLC to enter the viral disinfection market on October 19, 2020, has since closed lighting and energy management acquisitions, and has announced several letters of intent (“LOI’s”) to acquire additional technology and services businesses. See SUBSEQUENT EVENTS for further information on corporate developments post-2020.

Corporate Actions and Related

On March 6, 2019, William Fowler resigned as our President, Chief Executive Officer, Chief Financial Officer and Director. His resignation was not due to any matter relating to our operations, policies, or practices. On March 6, 2019, pursuant to a Special Board of Directors Meeting, our Board of Directors accepted his resignation.

On March 6, 2019, Bernd Schaefers resigned as our Secretary and Director. His resignation was not due to any matter relating to our operations, policies, or practices. On March 6, 2019, pursuant to a Special Board of Directors Meeting, our Board of Directors accepted his resignation.

On March 6, 2019, Vikram Grover was appointed our President, Chief Executive Officer, Chief Financial Officer, Secretary and Director. Mr. Grover’s compensation consists of $12,500 per month, of which $5,000 is payable in cash while the Company is delinquent in its SEC filings and the balance to be accrued and payable in cash or stock on December 31 of each calendar year. Upon bringing the Company current with its SEC filings, Mr. Grover will be compensated $12,500 per month, of which $7,500 is payable in cash and $5,000 will be accrued and payable in cash or stock on December 31 of each calendar year. Additionally, upon bringing the Company current with its SEC filings, Mr. Grover was to be issued 100 million common stock purchase warrants with a $0.001 exercise price and a three-year expiration. If the Company’s common stock closed over $0.01 for 10 consecutive trading sessions, Mr. Grover was to be issued an additional 100 million common stock purchase warrants with a $0.001 strike price and a three-year expiration. Subsequently, Mr. Grover waived his rights to these options.

On April 4, 2019, we removed all Officers and/or Directors of our wholly owned subsidiary, 2050 Motors, Inc., a Nevada corporation (“2050 Private”); thereafter, 2050 Private appointed our Chief Executive Officer, Vikram Grover, as 2050 Private’s President and Sole Director.

On May 14, 2019, we dissolved our 2050 Motors, Inc. Nevada subsidiary and terminated all discussions and contractual relationships with Chinese manufacturers.

On December 16, 2019, we changed our company name to “FOMO CORP.” with the Secretary of State of California on the SEC’s EDGAR system. On November 17, 2020, we applied for a name change with FINRA and have responded to comments several times.

On October 19, 2020, FOMO CORP purchased Purge Virus, LLC and consequently entered the viral disinfection market.

On November 17, 2020, an application was submitted to FINRA to change the name and ticker symbol from 2050 Motors and ETFM to FOMO CORP. and FOMO, respectively. Subsequently, FINRA stated that the “FOMO” ticker symbol was no longer available, and a new ticker symbol was requested.

As of December 30, 2020, the Company was current with its financials.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements were prepared in conformity with generally accepted accounting principles in the United States of America (“US GAAP”).

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include accounts payable, the recoverability of long-term assets, and the valuation of derivative liabilities.

Consolidation

The consolidated financial statements of the Company include the Company and its wholly owned subsidiaries, 2050 Motors, Inc. and Purge Virus, LLC. All material intercompany balances and transactions have been eliminated in consolidation.

Cash

Cash consists of deposits in one large national bank. On December 31, 2020 and December 31, 2019, respectively, the Company had $12,069 and $63 in cash in the United States. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in bank accounts.

Fair Value of Financial Instruments

For certain of the Company’s financial instruments, including cash accounts payable, accrued liabilities, short-term debt, and derivative liability, the carrying amounts approximate their fair values due to their short maturities. We adopted ASC Topic 820, “Fair Value Measurements and Disclosures,”, which requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of valuation hierarchy are defined as follows:

Level 1 input to the valuation methodology are quoted prices for identical assets or liabilities in active markets. The Company’s investment in Mobicard Inc., see Note 4, is actively traded on the pink sheets.

Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 inputs to the valuation methodology are unobservable in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The Company’s analyses of all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815.

We have recorded the conversion option on notes as a derivative liability because of the variable conversion price, which in accordance with U.S. GAAP, prevents them from being considered as indexed to our stock and qualified for an exception to derivative accounting.

We recognize derivative instruments as either assets or liabilities on the accompanying balance sheets at fair value. We record changes in the fair value of the derivatives in the accompanying statement of operations.

Assets and liabilities measured at fair value are as follows as of December 31, 2020:

	Total		Level 1		Level 2	Level 4
Assets
Investments		168,000		168,000
Total assets measured at fair value		168,000		168,000
Liabilities
Derivative liability		834,230					834,230
Total liabilities measured at fair value		834,230					834,230

Assets and liabilities measured at fair value are as follows as of December 31, 2019:

	Total		Level 1		Level 2	Level 4
Assets
Investments		189,000		189,000
Total assets measured at fair value		189,000		189,000
Liabilities
Derivative liability		893,171					893,171
Total liabilities measured at fair value		893,171					893,171

The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value:

Balance as of December 31, 2018	$	876,058
Fair value of derivative liabilities		134,115
Loss on conversion		69,576
Gain on change in derivative liabilities		(186,578	)
Balance as of December 31, 2019	$	893,171
Balance as of December 31, 2019	$	893,171
Fair value of derivative liabilities		266,068
Loss on conversion		(483,793	)
Gain on change in derivative liabilities		158,784
Balance as of December 31, 2020	$	834,230

Earnings Per Share (EPS)

Basic EPS is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similar to basic net income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if all the potential common shares, warrants and stock options had been issued and if the additional common shares were dilutive. Diluted EPS assumes that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method for the outstanding options and the if-converted method for the outstanding convertible preferred shares. Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the if-converted method, convertible outstanding instruments are assumed to be converted into common stock at the beginning of the period (or at the time of issuance, if later). During the year ended December 31, 2020 and 2019, the Company generated no revenues and incurred substantial losses, of which the vast majority were due to mostly non-cash charges for accrued interest, penalties and derivative charges related to convertible debt instruments. Therefore, the effect of any common stock equivalents on EPS is anti-dilutive during those periods.

Concentration of Credit Risk

Cash is mainly maintained by one highly qualified institution in the United States. At no time were such amounts more than federally insured limits. Management does not believe that the Company is subject to any unusual financial risk beyond the normal risk associated with commercial banking relationships. The Company has not experienced any losses on our deposits of cash.

Income Taxes

The Company utilizes FASB Accounting Standards Codification (ASC) Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that were included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC 740 provides accounting and disclosure guidance about positions taken by an organization in its tax returns that might be uncertain. When tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income.

On December 31, 2020 and December 31, 2019, the Company had not taken any significant uncertain tax positions on its tax returns for the period ended December 31, 2019 and prior years or in computing its tax provisions for any years. Prior management considered its tax positions, and believed that all of the positions taken by the Company in its Federal and State tax returns were more likely than not to be sustained upon examination. The Company is subject to examination by U.S. Federal and State tax authorities from inception to present, generally for three years after they are filed. New management, which took control of the Company on March 5, 2019, is currently evaluating prior management’s decision to not file federal tax returns and plans on filing past returns and related 10-99 filings for compensation paid to prior management, employees, consultants, contractors and affiliates. The Company does not believe it has a material tax liability due to its operating losses in these periods but is preparing tax filings to bring itself current as it completes and moves forward on announced mergers and acquisitions.

Concentration of Credit Risk

Cash is mainly maintained by one highly qualified institution in the United States. At various times, such amounts are more than federally insured limits. Management does not believe that the Company is subject to any unusual financial risk beyond the normal risk associated with commercial banking relationships. The Company has not experienced any losses on our deposits of cash.

Risks and Uncertainties

The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history and the volatility of public markets.

Accounts Receivable

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company provides for probable uncollectible amounts based upon its assessment of the current status of the individual receivables and after using reasonable collection efforts. The allowance for doubtful accounts as of December 31, 2020 and 2019 was zero.

Revenue Recognition

The Company recognizes revenues in accordance with Accounting Standards Codification (“ASC”) 606 – Contracts with Customers. Revenue from sales of products is recognized when the related performance obligation is satisfied. The Company’s performance obligation is satisfied upon the shipment or delivery of products to customers.

Stock-Based Compensation

The Company accounts for all stock-based compensation using a fair value-based method. The fair value of equity-classified awards granted to employees is estimated on the date of the grant using the Black-Scholes option-pricing model and the related stock-based compensation expense is recognized over the vesting period during which an employee is required to provide service in exchange for the award.

Goodwill and Other Acquired Intangible Assets

The Company initially records goodwill and other intangible assets at their estimated fair values and reviews these assets periodically for impairment. Goodwill represents the excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and is tested at least annually for impairment, historically during our fourth quarter.

Recently Issued Accounting Pronouncements

In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. We are evaluating the impact this guidance will have on our financial position and statement of operations.

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Going Concern

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern

Note 3 – GOING CONCERN

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate the continuation of the Company as a going concern. The Company reported an accumulated deficit of ($7,662,645) as of December 31, 2020. The Company also had negative working capital of ($1,135,595) on December 31, 2020, and had operating losses of ($1,598,286) and ($65,235) for the years ended December 31, 2020 and 2019, respectively. To date, these losses and deficiencies have been financed principally through the issuance of common stock, loans from related parties and from third parties.

In view of the matters described, there is substantial doubt as to the Company’s ability to continue as a going concern without a significant infusion of capital. We anticipate that we will have to raise additional capital to fund operations over the next 12 months. To the extent that we are required to raise additional funds to acquire properties, and to cover costs of operations, we intend to do so through additional offerings of debt or equity securities. There are no commitments or arrangements for other offerings in place, no guaranties that any such financings would be forthcoming, or as to the terms of any such financings. Any future financing may involve substantial dilution to existing investors.

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Investments

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investments

Note 4 - INVESTMENTS

During the year ended December 31, 2019, the Company issued 400,000 share of preferred class B stock in exchange for 210,000,000 shares of Mobicard Inc. The shares were valued at the market price of $0.0023 per share, or $483,000, at the acquisition date. The shares are currently valued at the market price of $0.0008 per share on December 31, 2020 for a total investment of $168,000.

During the year ended December 31, 2019, the Company received 1,000,000 shares of KANAB CORP. for consulting services provided by the Company’s CEO, Vikram Grover. The shares were valued at $0.0001 per share.

On October 19, 2020, the Company acquired 100% of the member interests of Purge Virus, LLC for consideration of 2,000,000 Series B Preferred Shares, valued at their market value of $800,000. As a result of the acquisition, the Company recognized intangible assets of $225,000 and Goodwill of $596,906. The intangible assets are being amortized over their useful lives, ranging from 3 to 10 years.

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Loans Payable Due to Related Parties

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Loans Payable Due to Related Parties

Note 5 – LOANS PAYABLE DUE TO RELATED PARTIES

As of December 31, 2020, the Company subsidiary’s chief executive officer had an outstanding balance of $3,574. The loan is non-interest bearing and due on demand.

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Convertible Note Payables

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Convertible Note Payables

Note 6 - CONVERTIBLE NOTE PAYABLES

The Company had convertible note payables with three third parties with stated interest rates ranging between 10% and 12% and 22% default interest not including penalties. These notes have a conversion feature such that the Company could not ensure it would have adequate authorized shares to meet all possible conversion demands; accordingly, the conversion option has been treated as a derivative liability in the accompanying interim financial statements. As of December 31, 2020, the Company had the following third-party convertible notes outstanding:

	Lender	Origination	Maturity	Amount		Interest
Note	Auctus	10/28/20	10/28/21		115,000		10.0	%
Note #8*	Power Up 10	03/08/19	01/15/20		9,000		10.0	%
Note #10*	Tri-Bridge	3/15/19	9/15/19		2,286		10.0	%
Note #11*	PowerUp 11	7/9/19	4/30/20		35,000		12.0	%
Note #12*	GS Capital	9/6/19	9/6/20		28,900		12.0	%
Note #13*	GS Capital	11/21/19	11/21/20		18,000		12.0	%
Note #14*	PowerUp	11/21/19	11/21/20		18,000		12.0	%
Total				$	226,186
less discount					0
Net				$	226,186

*Note is currently in default.

As of March 31, 2021, all of the above notes have been retired and there are no loans in default at March 31, 2021.

During the year ended December 31, 2019, third-party lenders converted $231,444 of principal and interest into 1,153,211,664 shares of common stock.

During the year ended December 31, 2020, third-party lenders converted $809,292 of principal and interest into 2,936,347,316 shares of common stock.

The variables used for the Black-Scholes model are as listed below:

	December 31, 2020	December 31, 2019
●	Volatility: 253% - 466%	Volatility: 191% - 455%
●	Risk free rate of return: 1.24%- 1.53%	Risk free rate of return: 1.93% - 1.99%
●	Expected term: 1-3 years	Expected term: 1-3 years

The Company amortized a debt discount of $63,350 and $100,299 respectively, during the years ended December 31, 2020 and 2019, respectively.

On March 8, 2019, a third-party loaned the Company $28,000.00 in a 12% debenture that matures on January 15, 2020. The transaction netted the Company $25,000.00 after legal fees and due diligence expenses.

On May 13, 2019, the Company borrowed $12,500.00 pursuant to a convertible note agreement bearing an interest rate of 12% per annum and with a maturity date of September 15, 2019.

On July 9, 2019, a third-party lender funded the Company $35,000.00 in the form of a 12% convertible debenture that matures April 30, 2020. The transaction netted the Company $32,000.00 after legal fees and due diligence expenses.

On September 6, 2019, a third-party lender funded the Company $35,000.00 in the form of a 12% convertible debenture that matures September 6, 2020. The transaction netted the Company $30,500.00 after legal fees and due diligence expenses

On November 12, 2019, a third-party lender funded the Company $18,000.00 in a 10% convertible debenture due November 12, 2020. The transaction netted the Company $15,500.00 after original issue discount (OID) of $2,500.00.

On November 14, 2019, a third-party lender funded the Company $18,000.00 in a 10% convertible debenture due November 14, 2020. The transaction netted the Company $12,500.00 after original issue discount (OID) of $3,000.00 and legal fees of $2,500.00.

On October 28, 2020, a third-party lender funded the Company $115,000.00 in a 12% convertible debenture due October 28, 2021. The transaction netted the Company $98,000.00 after original issue discount (OID) of $15,000.00 and placement agent fees of $2,000.00.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7 – COMMITMENTS AND CONTINGENCIES

Aoxin License Agreement

During the year ended December 31, 2019, based on failure to perform including a lack of a license to manufacture and export electric vehicles under our agreement with them, we terminated all discussions and agreements with Aoxin Motors.

Legal Proceedings

The Company may from time to time, become a party to various legal proceedings, arising in the ordinary course of business. The Company investigates these claims as they arise.

A third-party lender, Auctus Fund, LLC, served the Company notice of a civil lawsuit on November 1, 2019 seeking principal, interest and penalties of $283,000.00 related to a loan provided to the Company on or around January 6, 2017. On November 25, 2019, the Company reached a Settlement Agreement and Mutual General Release with Auctus Fund, LLC. As part of the agreement, the Company agreed that the settlement value of the note and accrued interest was $60,522.32 and the Company would issue the following shares to settle the note and accrued interest:

● On or before November 1, 2020- 264,680,377 Settlement Shares; plus

● On or before December 2, 2020 – 264,680,378 Settlement Shares; plus

● On or before January 1, 2021 – 264,680,378 Settlement Shares.

The Company agreed to irrevocably authorize and reserve a sufficient amount of Settlement Shares of the Company’s common stock pursuant to the reserve requirements of the Note (with an initial amount of at least One Billion - Five Hundred Million (1,500,000,000) Shares of the publicly tradeable ETFM Common Stock for delivery and issuance to the Auctus Fund, LLC. For year-end 2019, the Company accrued a liability of $260,000, representing the fair value of the settlement shares at the date of the settlement agreement. The Settlement Agreement was subsequently amended in 2020 and all principal, interest and penalties were retired as of December 31, 2020.

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Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 8 – INCOME TAXES

The Company did not file its federal tax returns for fiscal years from 2012 through 2020. Management at year-end 2020 believed that it should not have any material impact on the Company’s financials because the Company did not have any tax liabilities due to net loss incurred during these years.

Based on the available information and other factors, management believes it is more likely than not that any potential net deferred tax assets on December 31, 2020 and December 31, 2019 will not be fully realizable. The Company is current with franchise tax board fees due to the State of California and intends to prepare tax statements for the federal and state requirements for 2019 and 2020.

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Warrants and Options

12 Months Ended

Dec. 31, 2020

Warrants And Options

Warrants and Options

Note 9 – WARRANTS AND OPTIONS

As of December 31, 2019, the Company has fifty million warrants with an exercise price of $0.001 and a three-year expiration issued and outstanding to three members of our Advisory Board who were added to that newly created committee during March - April 2019. Additionally, we issued ten million warrants with a strike price of $0.005 and a three-year expiration to EDGE FiberNet, Inc. as compensation for strategic consulting. During the year ended December 31, 2019, the Company recognized $16,803 in expense related to these warrants. During the year ended December 31, 2020, the Company issued warrants for services. During the year ended December 31, 2020 the Company issued 328,571,428 warrants to a third-party lender for fees on a loan default. The Company recognized $844,754 in expense related to these warrants. On December 31, 2020, a total of 713,571,428 warrants were outstanding with a weighted average life of 3.87 years and an intrinsic value of $844,754.

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Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Equity

Note 10 – EQUITY

During the year ended December 31, 2019, the Company increased the authorized shares for common stock of the Company from three (3) billion to ten (10) billion and for preferred shares from ten (10) million to one hundred (100) million.

Between January 1, 2019 and December 31, 2019, the Company issued to third-party lenders a total of 1,242,231,661 shares of common stock pursuant to conversions of $255,334 debt.

On March 6, 2019, our Board of Directors approved, and we filed a Certificate of Determination for with the Secretary of State of California, a new class of Series C Preferred Shares with a total of one million such shares authorized. Each share converts into one common share, has 10,000 votes on every corporate matter requiring a shareholder vote, has a par value of $0.0001, and pays an annual dividend at the option of the Company of $0.01. Subsequent to the end of the three months ended March 30, 2019, the Company issued one million (1,000,000) Series C Preferred Shares to our CEO, Vikram Grover, as consideration for the change of control of the Company. Effective November 6, 2020, the Company increased the authorized Series C Preferred Shares to two (2) million from one (1) million and increased the voting rights of the Series C Preferred shares to 100,000 for every one (1) share from 10,000 for every one (1) share.

On March 27, 2019, we issued a demand letter to BKS Cambria, LLC (“BKS”) and United Biorefineries, Inc. (“United”) to return 84,770,115 and 53,347,701 of our common stock shares in certificate form, respectively, that may have been invalidly issued by prior management to the corporate entities they controlled. BKS and United failed to respond to our demand letter by the demand date and we have not received the foregoing share amounts in certificate form from either BKS or United. UBC has electronically responded, denied any wrongdoing, and refuses to return the certificates. We are evaluating our legal remedies regarding these share issuances.

On April 7, 2019, our Board of Directors approved the creation of a new class of Series B Preferred Shares. A total of six million such shares were authorized. Each share converts into 1,000 common shares, votes on an as converted basis, has a par value of $0.001, and pays a cumulative annual dividend in cash or in kind of $0.01. Effective November 6, 2020, the Company increased the authorized number of Series B Preferred Shares to twenty million from six million to facilitate mergers and acquisitions.

On April 8, 2019, we amended the terms of our existing Series A Preferred stock by changing the par value from nil to $0.0001 and establishing a $0.01 per share annual dividend to be approved by our Board of Directors each year. At the time, each share was convertible into one common share and had 50 votes on corporate matters. As part of the management transition plan announced in March 2019, two million of the Series A Preferred Shares were transferred from former management to our current CEO, Vikram Grover. At the time, a total of three million Series A Preferred Shares were authorized, all of which were and are currently issued and outstanding. The financial statements were retroactively adjusted to give effect to this change in par value.

On May 5, 2019, 2050 Motors, Inc. executed a Securities Purchase Agreement with our CEO, Vikram Grover, for an investment in the Company of $483,000 in the form of 210,000,000 free-trading common shares of Peer-to-Peer Network aka Mobicard Inc. The transaction closed on May 15, 2019. As consideration, the Company issued the investor 400,000 newly created 1% Cumulative Series B Preferred Shares, each of which bears a RESTRICTED CONTROL STOCK legend.

On May 14, 2019, our Board of Directors approved the dissolution of our wholly owned subsidiary, 2050 Motors, Inc., a Nevada corporation doing business under the same name as our publicly traded company, 2050 Motors, Inc., a California corporation. Additionally, our Board of Directors approved the termination of all discussions and prior agreements with Aoxin Motors regarding the importation of electric vehicles to be made by Aoxin Motors in China into the United States. Our termination was driven by Aoxin Motors’ failure to obtain the necessary license(s) to manufacture e-GO electric vehicles, which have been under development since 2012. Accordingly, on May 14, 2019, we filed paperwork with the Secretary of State of Nevada to dissolve our wholly owned subsidiary, 2050 Motors, Inc., a Nevada corporation, and that dissolution went effective on or around May 17, 2019.

On May 15, 2019, based on due diligence and research by management and the Company’s advisors, the Board of Directors of 2050 Motors, Inc., a California corporation, approved stop action orders on 162,846,149 common shares held by former management, employees, affiliates, and representatives of the Company. Accordingly, management has directed the Company’s transfer agent to prohibit the transfer or sale of any shares associated with their certificates. Pending investigation of the providence of these shares and proof of consideration for said shares, these shares will remain frozen indefinitely and subject to the Company’s powers of enforcement and the rules of law.

On November 18, 2019, a third-party lender converted $2,170.00 of principal and $500.00 of fees into 89,000,000 shares of common stock.

On December 6, 2019, a third-party lender converted $2,350.00 principal and $1,290.00 interest of a convertible debenture into 72,800,000 common shares.

Between January 1, 2020 and December 31, 2020, the Company issued to third-party lenders a total of 2,936,347,316 shares of common stock pursuant to conversions of $761,456 debt.

On January 8, 2020, a third-party lender converted $5,300.00 principal of a convertible debenture into 106,000,000 common shares.

On February 3, 2020, a third-party lender converted $5,600.00 principal of a convertible debenture into 112,000,000 common shares.

On February 5, 2020, a third-party lender converted $4,682.00 principal of a convertible debenture into 93,640,000 common shares.

On February 18, 2020, a third-party lender converted $7,000.00 principal of a convertible debenture into 116,666,667 common shares.

On August 26, 2020, the Company issued its CEO, Vikram Grover, 125,000 Series B Preferred Shares for accrued compensation of $25,000.00.

On August 27, 2020, a third-party lender converted $6,100.00 principal and $947.93 interest of a convertible debenture into 128,144,181 restricted common shares.

On August 31, 2020, a third-party lender converted $2,950.00 principal and $500.00 of fees of a convertible debenture into 115,000,000 common shares.

On September 3, 2020, the Company issued its CEO, Vikram Grover, 1,370,065 Restricted Series B Preferred shares for accrued compensation of $137,065.00.

On September 4, 2020, a third-party lender converted $57.96 principal, $2,811.59 intertest and $500.00 of fees of a convertible debenture into 112,318,333 common shares.

From September 10, 2020 through October 8, 2020, a third-party lender converted $25,000.00 warrants attached to a 2017 loan into 611,005,229 common shares. As a result, the debenture and warrants were retired.

On September 15, 2020, a third-party lender converted $5,069.54 principal and $1,689.85 interest of a convertible debenture into 135,187,800 common shares.

On September 30, 2020, a third-party lender converted $20,229.66 principal and $6,743.22 interest of a convertible debenture into 179,819,200 common shares.

On October 8, 2020, a third-party lender converted $21,239.12 principal and $7,079.71 interest of a convertible debenture into 188,792,200 common shares.

On October 9, 2020, the Company issued its CEO, Vikram Grover, 93,750 Restricted Series B Preferred shares for accrued compensation of $37,500.00.

On October 13, 2020, we amended the terms of our Series A Preferred Shares to include an annual dividend of $0.0035 per share, a 1-50 conversion ratio and to vote on an as converted basis.

On October 20, 2020, a third-party lender converted $0 principal, $86.40 interest and $30,237.55 penalties related to a convertible debenture into 202,159,667 common shares.

From January 1, 2020 through October 23, 2020, the Company issued 275,000 Restricted Series B Preferred shares to consultants for professional services, including due diligence on the Purge Virus transaction, corporate development, sales and marketing, and other.

Effective October 25, 2020, the Company and a third party lender amended a prior settlement agreement effected in 2019 to require the issuance of seven hundred ninety four million, forty one thousand, one hundred thirty three (794,041,133) Settlement Shares of common stock, as follows: a) publicly tradeable shares of common stock (the “Settlement Shares” or the “Shares”) to be converted, transferred and delivered to the third party lender, in whole or in part pursuant to the third party lender’s notice: 1) on or before November 1, 2020 – 264,680,377 Settlement Shares, in whole or in part as determined by the third party lender, in its discretion; plus 2) on or before December 1, 2020 – 264,680,378 Settlement Shares, in whole or in part as determined by the third party lender, in its discretion; plus 3) on or before January 1, 2021 – 264,680,378 Settlement Shares, in whole or in part, as determined by the third party lender, in its discretion. Remaining shares, which were reserved and subsequently sold, settled the balance of the November 2019 $283,000.00 lawsuit brought by the third-party lender against the Company. The lender subsequently executed conversions of principal, interest, and penalties into 794,041,134 common shares, and the note and associated settlement are now retired/closed.

On November 2, 2020, a third-party lender converted $10,944.39 principal, $93.60 interest and $20,799.13 penalties related to a convertible debenture into 212,247,469 common shares.

On October 28, 2020, a third-party lender funded the Company $115,000.00 in a redeemable convertible note, netting $98,000.00 after an original issue discount (OID) of $10,000.00, legal fees of $5,000.00 in legal fees and $2,000.00 in broker fees.

On December 2, 2020, a third-party lender converted $55,709.65 penalties related to a convertible debenture into 222,838,600 common shares.

On December 30, 2020, a third-party lender converted $12,000.00 principal related to a convertible debenture into 25,000,000 common shares.

On December 31, 2020, we issued a consultant 25,000 Series B Preferred shares for cannabis legal analysis.

Business Development and Related

On October 2, 2020, we issued John Kelly, owner of PPE Source International LLC (PPESI), a provider of PPE to small, medium, and large businesses, institutions, and government customers, 100,000 Series B Preferred Shares for a 180-day exclusive option to purchase his 100% member interests in PPESI. We are in negotiations to extend this purchase option.

On October 19, 2020, we closed the acquisition of 100% of the member interests of Purge Virus, LLC from Charles Szoradi for consideration of two million (2,000,000) Series B Preferred Shares. The purchase maintains PV as a 100% owned subsidiary of FOMO CORP., includes cross-selling relationships with Mr. Szoradi’s 100% owned LED company Independence LED and 33% owned energy management software company Energy Intelligence Center (EIC), and JV partner Company PPE Source International LLC.

On December 6, 2020, we appointed Paul Benis, a 30-year veteran of the industrial HVAC market, technology executive and owner of PVBG Inc, to the Advisory Board. As part of the appointment, we issued Benis ten (10) million common stock purchase warrants with a strike price of $0.001 and a three-year expiration.

COVID-19 Pandemic Update

In March 2020, the World Health Organization declared a global health pandemic related to the outbreak of a novel coronavirus. The COVID-19 pandemic adversely affected the company’s financial performance in the third and fourth quarters of fiscal year 2020 and could have an impact throughout fiscal year 2021. In response to the COVID-19 pandemic, government health officials have recommended and mandated precautions to mitigate the spread of the virus, including shelter-in-place orders, prohibitions on public gatherings and other similar measures. There is uncertainty around the duration and breadth of the COVID-19 pandemic, as well as the impact it will have on the company’s operations, supply chain and demand for its products. As a result, the ultimate impact on the company’s business, financial condition or operating results cannot be reasonably estimated at this time.

On June 4, 2020, the Company entered a $11,593 note payable to Bank of America, pursuant to the Paycheck Protection Program (“PPP Loan”) under the CARES Act. The loan remains outstanding but is expected to be forgiven by the U.S. government based on guidance from the Company’s commercial bank, Bank of America. We have applied for forgiveness of the loan with the SBA through our commercial bank, Bank of America.

Warrants

On October 28, 2020, the Company issued 328,571,428 warrants to a third-party lender with a 5-year expiration and an exercise price of $0.0007 per share.

On November 3, 2020, the Company issued 10,000,000 warrants to Dr. Wayman Baker, PhD with at a three-year expiration and an exercise price of $0.001 per share.

On December 2, 2020, the Company reduced the exercise price on 10,000,000 warrants owned by Aldo Baiocchi, former Advisory Board member who has provided working capital to the Company, from $0.01 per share to $0.001 per share.

On December 7, 2020, we issued Paul Benis, an Advisory Board member, 20,000,000 common stock purchase warrants with a three-year expiration and $0.001 exercise price, for services to be rendered during 2021.

On December 31, 2020, we issued a consultant 25,000,000 warrants with a three-year expiration and a $0.001 exercise price for digital consultation and sales incentive.

On December 31, 2020, as compensation for bring the Company SEC current and for retention purposes, we issued our CEO Vikram Grover 200,000,000 warrants with a three-year expiration and an exercise price of $0.001.

On December 31, 2020, we issued Roderick Martin, CEO of AGILE Technologies Group, LLC, 20,000,000 common stock purchase warrants with a three-year expiration and $0.01 exercise price as compensation for joining our Advisory Board.

On December 31, 2020, we issued AGILE Technologies Group, LLC, 100,000,000 common stock purchase warrants with a three-year expiration and $0.001 exercise price as a sales incentive for offering our disinfection products and others to AGILE’s rapid diagnostic testing (“RDT”) clients. The warrants shall vest upon the generation of $500,000 in cumulative disinfection sales from our subsidiary Purge Virus, LLC by December 31, 2021 or $1,000,000 in cumulative disinfection sales from our subsidiary Purge Virus, LLC by December 31, 2023. Both Companies have an exclusive cross-selling agreement for their products which has generated material revenues to date.

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Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 11 – SUBSEQUENT EVENTS

On January 1, 2021, we issued a consultant 25,000 Series B Preferred shares as a sales incentive for introducing us to native tribes, professional sports players, major recording artists, and other.

On January 4, 2021, a third-party lender converted $19,200.00 of principal and $0.00 interest related to a debenture into 40,000,000 common shares.

On January 5, 2021, a third-party lender converted $10,800.00 of principal and $7,248.16 interest related to a debenture into 40,000,000 common shares.

On January 6, 2021, we issued 175,000 Series B Preferred shares to two owners of SmartGuard UV for exclusive negotiations right to buy some or all units of the Company for a six-month period.

On January 7, 2021, a third-party lender converted $20,000.00 of principal and $0.00 interest related to a debenture into 55,555,556 common shares.

On January 11, 2021, a third-party lender converted $20,000.00 of principal and $0.00 interest related to a debenture into 55,555,556 common shares.

On January 11, 2021, a third-party lender converted $28,900.00 of principal and $7,094.36 interest and $1,590.00 in fees related to a debenture into 97,621,714 common shares.

On January 13, 2021, a third-party lender converted $21,059.18 of principal and $0.00 interest related to a debenture into 58,497,722 common shares.

On January 14, 2021, a third-party lender converted $18,000.00 of principal and $4,166.14 interest and $800.00 in fees related to a debenture into 59,652,311 common shares.

On January 20, 2021, a third-party lender funded a $205,000.00 debenture netting us $180,000.00 after OID and fees. We used a portion of the funds to retire a $115,000.00 third-party note funded to us on October 28, 2020.

On January 21, 2021, a third-party lender converted $18,000.00 of principal and $11,478.58 interest related to a debenture into 58,497,722 common shares.

On February 11, 2021, we issued 100,000 Series B Preferred shares to the owner of a nationwide HVAC services company as a down payment for potential acquisition of the business.

On February 12, 2021, we acquired 100% of the assets of Independence LED Lighting, LLC (“ILED”) for 250,000 Series B shares to move into the smart lighting and grow lights sectors.

On February 17, 2021, we issued Dr. Wayman Baker, an Advisory Board member, 20,000,000 common stock purchase warrants with a three-year expiration and $0.01 exercise price as compensation for services to be rendered in 2021.

On February 26, 2021, we retained BRIO Financial Group for outsource CFO services. We have committed 100,000,000 common stock purchase warrants with a three-year expiration and $0.02 exercise price as part of the compensation package. We expect BRIO will improve our financial controls. On or around the same timeframe, we retained a strategic M&A consultant to integrate our closed and planned acquisitions and issued his firm 6,250,000 restricted common shares. Further, we engaged an investor relations consultant in part with 300,000 restricted common shares, to update our presentation deck. We believe these engaged companies and professionals will help our Company move to the next level in finance, operations, and the public markets.

On February 27, 2021, the Company issued RHK Capital, a FINRA investment banking and brokerage firm, 100,000,000 common stock purchase warrants with a three-year expiration and a $0.02 exercise price as a retainer for services.

On March 4, 2021, we entered into a strategic partnership agreement with Online Energy Manager, LLC (“OEM”), including cross-selling and referrals of energy management software, a purchase option for up to 100% of OEM with a valuation cap at $10 million, and the issuance to OEM of 100,000,000 common stock purchase warrants with a five-year expiration and a $0.01 exercise price. We can redeem the warrants if our common stock closes over $0.03 for 20 sessions and the underlying common shares have been registered, which would provide capital.

On March 4, 2021, we issued Andrea Breaux, an executive at EcoLite Holdings, LLC one of our acquisition targets, 20,000,000 common stock purchase warrants with a three-year expiration and $0.01 exercise price. Ms. Breaux has joined our Advisory Board and is managing our social media.

On March 4, 2021, we issued Dilip Limaye, owner of Online Energy Manager, LLC (“OEM”) one of our strategic partners, 20,000,000 common stock purchase warrants with a three-year expiration and $0.01 exercise price. Mr. Limaye has joined our Advisory Board and is partnering with us for clean building energy management.

On March 6, 2021, we acquired 100% of the assets of Energy Intelligence Center, LLC (“EIC”) to further push into the clean building market. As consideration, we issued EIC 125,000 Series B Preferred shares and 50,000,000 common stock purchase warrants with a three-year expiration and a $0.01 exercise price.

Since December 31, 2020, the Company has signed letters of intent (“LOIs”) now in various stages of due diligence to acquire EcoLite Holdings, LLC, an HVAC services contractor (name redacted), LED Funding, LLC and LUX Solutions, LLC, which are structured with consideration in the form of restricted Preferred B shares equity, cash subject to financing and seller notes. All said transactions’ documentation is available on Forms 8-K filed with the SEC’s EDGAR system. The offers are non-binding and there are no assurances.

Per Note 6 the Company had $111,186 of convertible notes that were in default. During the first quarter of 2021 the Company converted all of that balance thereby curing all debt defaults. With regard to the final conversion of these default notes, on March 31, 2021, the Company retired the residual balance of a $200,000.00 Master Note partially funded by Tri-Bridge Ventures (“TBV”) on March 15, 2019, with $2,286.00 remaining principal, $3,069.86 accrued interest and $231,930.14 accrued penalties. For consideration, FOMO CORP. issued TBV 75,000,000 common shares. The transaction eliminated all default debt within FOMO’s capital stack/debt table making the Company current with its sole creditor GS Capital.

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying financial statements were prepared in conformity with generally accepted accounting principles in the United States of America (“US GAAP”).

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include accounts payable, the recoverability of long-term assets, and the valuation of derivative liabilities.

Consolidation

Consolidation

The consolidated financial statements of the Company include the Company and its wholly owned subsidiaries, 2050 Motors, Inc. and Purge Virus, LLC. All material intercompany balances and transactions have been eliminated in consolidation.

Cash

Cash

Cash consists of deposits in one large national bank. On December 31, 2020 and December 31, 2019, respectively, the Company had $12,069 and $63 in cash in the United States. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in bank accounts.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

For certain of the Company’s financial instruments, including cash accounts payable, accrued liabilities, short-term debt, and derivative liability, the carrying amounts approximate their fair values due to their short maturities. We adopted ASC Topic 820, “Fair Value Measurements and Disclosures,”, which requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of valuation hierarchy are defined as follows:

Level 1 input to the valuation methodology are quoted prices for identical assets or liabilities in active markets. The Company’s investment in Mobicard Inc., see Note 4, is actively traded on the pink sheets.

Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 inputs to the valuation methodology are unobservable in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The Company’s analyses of all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815.

We have recorded the conversion option on notes as a derivative liability because of the variable conversion price, which in accordance with U.S. GAAP, prevents them from being considered as indexed to our stock and qualified for an exception to derivative accounting.

We recognize derivative instruments as either assets or liabilities on the accompanying balance sheets at fair value. We record changes in the fair value of the derivatives in the accompanying statement of operations.

Assets and liabilities measured at fair value are as follows as of December 31, 2020:

	Total		Level 1		Level 2	Level 4
Assets
Investments		168,000		168,000
Total assets measured at fair value		168,000		168,000
Liabilities
Derivative liability		834,230					834,230
Total liabilities measured at fair value		834,230					834,230

Assets and liabilities measured at fair value are as follows as of December 31, 2019:

	Total		Level 1		Level 2	Level 4
Assets
Investments		189,000		189,000
Total assets measured at fair value		189,000		189,000
Liabilities
Derivative liability		893,171					893,171
Total liabilities measured at fair value		893,171					893,171

The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value:

Balance as of December 31, 2018	$	876,058
Fair value of derivative liabilities		134,115
Loss on conversion		69,576
Gain on change in derivative liabilities		(186,578	)
Balance as of December 31, 2019	$	893,171
Balance as of December 31, 2019	$	893,171
Fair value of derivative liabilities		266,068
Loss on conversion		(483,793	)
Gain on change in derivative liabilities		158,784
Balance as of December 31, 2020	$	834,230

Earnings Per Share (EPS)

Earnings Per Share (EPS)

Basic EPS is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similar to basic net income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if all the potential common shares, warrants and stock options had been issued and if the additional common shares were dilutive. Diluted EPS assumes that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method for the outstanding options and the if-converted method for the outstanding convertible preferred shares. Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the if-converted method, convertible outstanding instruments are assumed to be converted into common stock at the beginning of the period (or at the time of issuance, if later). During the year ended December 31, 2020 and 2019, the Company generated no revenues and incurred substantial losses, of which the vast majority were due to mostly non-cash charges for accrued interest, penalties and derivative charges related to convertible debt instruments. Therefore, the effect of any common stock equivalents on EPS is anti-dilutive during those periods.

Concentration of Credit Risk

Concentration of Credit Risk

Cash is mainly maintained by one highly qualified institution in the United States. At no time were such amounts more than federally insured limits. Management does not believe that the Company is subject to any unusual financial risk beyond the normal risk associated with commercial banking relationships. The Company has not experienced any losses on our deposits of cash.

Income Taxes

Income Taxes

The Company utilizes FASB Accounting Standards Codification (ASC) Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that were included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC 740 provides accounting and disclosure guidance about positions taken by an organization in its tax returns that might be uncertain. When tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income.

On December 31, 2020 and December 31, 2019, the Company had not taken any significant uncertain tax positions on its tax returns for the period ended December 31, 2019 and prior years or in computing its tax provisions for any years. Prior management considered its tax positions, and believed that all of the positions taken by the Company in its Federal and State tax returns were more likely than not to be sustained upon examination. The Company is subject to examination by U.S. Federal and State tax authorities from inception to present, generally for three years after they are filed. New management, which took control of the Company on March 5, 2019, is currently evaluating prior management’s decision to not file federal tax returns and plans on filing past returns and related 10-99 filings for compensation paid to prior management, employees, consultants, contractors and affiliates. The Company does not believe it has a material tax liability due to its operating losses in these periods but is preparing tax filings to bring itself current as it completes and moves forward on announced mergers and acquisitions.

Risks and Uncertainties

Risks and Uncertainties

The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history and the volatility of public markets.

Accounts Receivable

Accounts Receivable

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company provides for probable uncollectible amounts based upon its assessment of the current status of the individual receivables and after using reasonable collection efforts. The allowance for doubtful accounts as of December 31, 2020 and 2019 was zero.

Revenue Recognition

Revenue Recognition

The Company recognizes revenues in accordance with Accounting Standards Codification (“ASC”) 606 – Contracts with Customers. Revenue from sales of products is recognized when the related performance obligation is satisfied. The Company’s performance obligation is satisfied upon the shipment or delivery of products to customers.

Stock-Based Compensation

Stock-Based Compensation

The Company accounts for all stock-based compensation using a fair value-based method. The fair value of equity-classified awards granted to employees is estimated on the date of the grant using the Black-Scholes option-pricing model and the related stock-based compensation expense is recognized over the vesting period during which an employee is required to provide service in exchange for the award.

Goodwill and Other Acquired Intangible Assets

Goodwill and Other Acquired Intangible Assets

The Company initially records goodwill and other intangible assets at their estimated fair values and reviews these assets periodically for impairment. Goodwill represents the excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and is tested at least annually for impairment, historically during our fourth quarter.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. We are evaluating the impact this guidance will have on our financial position and statement of operations.

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Fair Value of Assets and Liabilities

Assets and liabilities measured at fair value are as follows as of December 31, 2020:

	Total		Level 1		Level 2	Level 4
Assets
Investments		168,000		168,000
Total assets measured at fair value		168,000		168,000
Liabilities
Derivative liability		834,230					834,230
Total liabilities measured at fair value		834,230					834,230

Assets and liabilities measured at fair value are as follows as of December 31, 2019:

	Total		Level 1		Level 2	Level 4
Assets
Investments		189,000		189,000
Total assets measured at fair value		189,000		189,000
Liabilities
Derivative liability		893,171					893,171
Total liabilities measured at fair value		893,171					893,171

Schedule of Reconciliation of Derivative Liability

The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value:

Balance as of December 31, 2018	$	876,058
Fair value of derivative liabilities		134,115
Loss on conversion		69,576
Gain on change in derivative liabilities		(186,578	)
Balance as of December 31, 2019	$	893,171
Balance as of December 31, 2019	$	893,171
Fair value of derivative liabilities		266,068
Loss on conversion		(483,793	)
Gain on change in derivative liabilities		158,784
Balance as of December 31, 2020	$	834,230

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Convertible Note Payables (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Convetible Notes Outstanding

As of December 31, 2020, the Company had the following third-party convertible notes outstanding:

	Lender	Origination	Maturity	Amount		Interest
Note	Auctus	10/28/20	10/28/21		115,000		10.0	%
Note #8*	Power Up 10	03/08/19	01/15/20		9,000		10.0	%
Note #10*	Tri-Bridge	3/15/19	9/15/19		2,286		10.0	%
Note #11*	PowerUp 11	7/9/19	4/30/20		35,000		12.0	%
Note #12*	GS Capital	9/6/19	9/6/20		28,900		12.0	%
Note #13*	GS Capital	11/21/19	11/21/20		18,000		12.0	%
Note #14*	PowerUp	11/21/19	11/21/20		18,000		12.0	%
Total				$	226,186
less discount					0
Net				$	226,186

*Note is currently in default.

Schedule of Fair Value Assumption

The variables used for the Black-Scholes model are as listed below:

	December 31, 2020	December 31, 2019
●	Volatility: 253% - 466%	Volatility: 191% - 455%
●	Risk free rate of return: 1.24%- 1.53%	Risk free rate of return: 1.93% - 1.99%
●	Expected term: 1-3 years	Expected term: 1-3 years

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Basis of Presentation and Organization (Details Narrative) - USD ($)	Mar. 06, 2019	Dec. 31, 2020
Number of warrants issued		328,571,428
Vikram Grover [Member]
Officer's compensation	$ 12,500
Compensation payable in cash	$ 5,000
Number of warrants issued	100,000,000	200,000,000
Exercise price of warrants	$ 0.001	$ 0.001
Warrants expiration, term	3 years	3 years
Vikram Grover [Member]
Compensation payable in cash	$ 7,500
Officer's compensation payable	$ 5,000

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Summary of Significant Accounting Policies (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash	$ 12,069	$ 63
Allowance for doubtful accounts	$ 0	$ 0

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Summary of Significant Accounting Policies - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Investments	$ 168,000	$ 189,000
Total assets measured at fair value	168,000	189,000
Derivative liability	834,230	893,171
Total liabilities measured at fair value	834,230	893,171
Level 1 [Member]
Investments	168,000	189,000
Total assets measured at fair value	168,000	189,000
Derivative liability
Total liabilities measured at fair value
Level 2 [Member]
Investments
Total assets measured at fair value
Derivative liability
Total liabilities measured at fair value
Level 3 [Member]
Investments
Total assets measured at fair value
Derivative liability	834,230	893,171
Total liabilities measured at fair value	$ 834,230	$ 893,171

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Summary of Significant Accounting Policies - Schedule of Reconciliation of Derivative Liability (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Balance, beginning	$ 893,171	$ 876,058
Fair value of derivative liabilities	266,068	134,115
Loss on conversion	(483,793)	69,576
Gain on change in derivative liabilities	158,784	(186,578)
Balance, ending	$ 834,230	$ 893,171

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Going Concern (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (7,662,645)	$ (6,025,926)
Working capital	(1,135,595)
Operating loss	$ (1,636,719)	$ (65,235)

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Investments (Details Narrative) - USD ($)		12 Months Ended
	Oct. 19, 2020	Dec. 31, 2019	Dec. 31, 2020	May 02, 2014
Acquisition of goodwill			$ 596,906
Mobicard Inc [Member]
Number of shares exchanged		210,000,000
Share price			$ 0.0008	$ 0.0023
Investment amount			$ 168,000	$ 483,000
Kanab Corp [Member]
Share price		$ 0.0001
Number of shares received for services		1,000,000
Purge Virus LLC [Member]
Ownership interest percentage	100.00%
Preferred Class B [Member]
Number of shares issued		400,000
Series B Preferred Stock [Member] | Purge Virus LLC [Member]
Number of shares issued for consideration	2,000,000
Number of shares issued for consideration, value	$ 800,000
Acquisition of intangible assets	225,000
Acquisition of goodwill	$ 596,906
Series B Preferred Stock [Member] | Purge Virus LLC [Member] | Minimum [Member]
Acquisition of intangible assets useful lives	3 years
Series B Preferred Stock [Member] | Purge Virus LLC [Member] | Maximum [Member]
Acquisition of intangible assets useful lives	10 years

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Loans Payable Due to Related Parties (Details Narrative)	Dec. 31, 2020 USD ($)
Debt Disclosure [Abstract]
Outstanding balance	$ 3,574

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Convertible Note Payables (Details Narrative) - USD ($)																							1 Months Ended		12 Months Ended
	Dec. 30, 2020	Dec. 02, 2020	Nov. 02, 2020	Oct. 28, 2020	Oct. 28, 2020	Oct. 20, 2020	Oct. 08, 2020	Sep. 15, 2020	Sep. 04, 2020	Aug. 31, 2020	Feb. 18, 2020	Feb. 05, 2020	Feb. 03, 2020	Jan. 08, 2020	Dec. 06, 2019	Nov. 18, 2019	Nov. 14, 2019	Nov. 12, 2019	Sep. 06, 2019	Jul. 09, 2019	Mar. 13, 2019	Mar. 08, 2019	Oct. 08, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Aug. 27, 2020
Amortized of debt discount																										$ 244,085
Convertible Notes Payable [Member]
Debt interest rate																									10.00%
Amortized of debt discount																									$ 63,350	100,299
Debt instrument, maturity date																									Oct. 28, 2021
Convertible Note [Member]
Debt interest rate																					12.00%
Debt instrument, face amount																					$ 12,500
Debt instrument, maturity date																					Sep. 15, 2019
Third Parties [Member]
Debt interest rate																						12.00%			22.00%
Debt conversion shares issued, value																									$ 809,292
Debt conversion shares issued																									2,936,347,316
Debt instrument, face amount																						$ 28,000
Debt instrument, maturity date																						Jan. 15, 2020
Proceeds from convertible debt																						$ 25,000
Third Parties [Member] | Minimum [Member]
Debt interest rate																									10.00%
Third Parties [Member] | Maximum [Member]
Debt interest rate																									12.00%
Third-Party Lender [Member]
Debt interest rate				12.00%	12.00%												10.00%	10.00%	12.00%	12.00%
Debt conversion shares issued, value	$ 12,000		$ 10,944								$ 7,000	$ 4,682	$ 5,600	$ 5,300	$ 2,350	$ 2,170									$ 761,456	$ 231,444
Debt conversion shares issued	25,000,000	222,838,600				202,159,667	188,792,200	135,187,800	112,318,333	115,000,000	116,666,667	93,640,000	112,000,000	106,000,000	72,800,000	89,000,000							611,005,229	179,819,200	2,936,347,316	1,153,211,664
Amortized of debt discount				$ 15,000	$ 10,000												$ 3,000	$ 2,500
Debt instrument, face amount				$ 115,000	115,000	$ 0	$ 21,239	$ 5,070	$ 58	$ 2,950							$ 18,000	$ 18,000	$ 35,000	$ 35,000			$ 21,239	$ 20,230		$ 255,334	$ 6,100
Debt instrument, maturity date				Oct. 28, 2021													Nov. 14, 2020	Nov. 12, 2020	Sep. 06, 2020	Apr. 30, 2020
Proceeds from convertible debt				$ 98,000	98,000												$ 12,500	$ 15,500	$ 30,500	$ 32,000
Legal fees				$ 2,000	$ 5,000											$ 500	$ 2,500

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Convertible Note Payables - Schedule of Convetible Notes Outstanding (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Total convertible notes payable	$ 226,186
less discount	0
Convertible note payables, net	$ 226,186
Convertible Notes Payable [Member]
Lender	Auctus
Origination Date	Oct. 28, 2020
Maturity	Oct. 28, 2021
Interest	10.00%
Total convertible notes payable	$ 115,000
Note #8 [Member]
Lender	Power Up 10	[1]
Origination Date	Mar. 08, 2019	[1]
Maturity	Jan. 15, 2020	[1]
Interest	10.00%	[1]
Total convertible notes payable	$ 9,000	[1]
Note #10 [Member]
Lender	Tri-Bridge	[1]
Origination Date	Mar. 15, 2019	[1]
Maturity	Sep. 15, 2019	[1]
Interest	10.00%	[1]
Total convertible notes payable	$ 2,286	[1]
Note #11 [Member]
Lender	PowerUp 11	[1]
Origination Date	Jul. 09, 2019	[1]
Maturity	Apr. 30, 2020	[1]
Interest	12.00%	[1]
Total convertible notes payable	$ 35,000	[1]
Note #12 [Member]
Lender	GS Capital	[1]
Origination Date	Sep. 06, 2019	[1]
Maturity	Sep. 06, 2020	[1]
Interest	12.00%	[1]
Total convertible notes payable	$ 28,900	[1]
Note #13 [Member]
Lender	GS Capital	[1]
Origination Date	Nov. 21, 2019	[1]
Maturity	Nov. 21, 2020	[1]
Interest	12.00%	[1]
Total convertible notes payable	$ 18,000	[1]
Note #14 [Member]
Lender	PowerUp	[1]
Origination Date	Nov. 21, 2019	[1]
Maturity	Nov. 21, 2020	[1]
Interest	12.00%	[1]
Total convertible notes payable	$ 18,000	[1]

[1] Note is currently in default.

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Convertible Note Payables - Schedule of Fair Value Assumption (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Minimum [Member]
Expected term	1 year	1 year
Maximum [Member]
Expected term	3 years	3 years
Measurement Input, Price Volatility [Member] | Minimum [Member]
Fair value assumptions, measurement input, percentage	253	191
Measurement Input, Price Volatility [Member] | Maximum [Member]
Fair value assumptions, measurement input, percentage	466	455
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]
Fair value assumptions, measurement input, percentage	1.24	1.93
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]
Fair value assumptions, measurement input, percentage	1.53	1.99

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Commitments and Contingencies (Details Narrative) - Auctus Fund, LLC [Member] - USD ($)	Jan. 02, 2021	Dec. 02, 2020	Nov. 02, 2020	Nov. 25, 2019	Nov. 01, 2019	Dec. 31, 2020	Dec. 31, 2019
Interest and penalties					$ 283,000
Note and accrued interest value				$ 60,522
Number of shares issued for settlement of debt		264,680,378	264,680,377
Number of shares authorized for reserves						1,500,000,000
Accrued Liability							$ 260,000
Subsequent Event [Member]
Number of shares issued for settlement of debt	264,680,378

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Warrants and Options (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of common stock purchase warrants shares	328,571,428
Warrant expenses	$ 844,754	$ 16,803
Warrants outstanding	713,571,428
Warrant weighted average life	3 years 10 months 14 days
Warrant intrinsic value	$ 844,754
EDGE FiberNet, Inc. [Member]
Number of common stock purchase warrants shares		10,000,000
Warrant strike price per share		$ 0.005
Warrants term		3 years
Three Members Advisory Board [Member]
Number of common stock purchase warrants shares		50,000,000
Warrant strike price per share		$ 0.001
Warrants term		3 years

XML

Equity (Details Narrative) - USD ($)																																														1 Months Ended			10 Months Ended	12 Months Ended
	Jan. 21, 2021	Jan. 14, 2021	Jan. 13, 2021	Jan. 11, 2021	Jan. 07, 2021	Jan. 05, 2021	Jan. 04, 2021	Jan. 02, 2021	Dec. 30, 2020	Dec. 02, 2020	Dec. 02, 2020	Nov. 06, 2020	Nov. 02, 2020	Nov. 02, 2020	Oct. 28, 2020	Oct. 28, 2020	Oct. 25, 2020	Oct. 20, 2020	Oct. 19, 2020	Oct. 13, 2020	Oct. 09, 2020	Oct. 08, 2020	Oct. 03, 2020	Sep. 15, 2020	Sep. 04, 2020	Sep. 03, 2020	Aug. 31, 2020	Aug. 27, 2020	Aug. 26, 2020	Feb. 18, 2020	Feb. 05, 2020	Feb. 03, 2020	Jan. 08, 2020	Dec. 06, 2019	Nov. 18, 2019	Nov. 14, 2019	Nov. 12, 2019	Sep. 06, 2019	Jul. 09, 2019	May 15, 2019	May 05, 2019	Apr. 08, 2019	Apr. 07, 2019	Mar. 27, 2019	Mar. 06, 2019	Nov. 30, 2020	Oct. 08, 2020	Sep. 30, 2020	Oct. 23, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Jan. 20, 2021	Dec. 07, 2020	Dec. 06, 2020	Nov. 05, 2020	Nov. 03, 2020	Jun. 04, 2020	Dec. 30, 2019	Mar. 31, 2019
Common stock, shares authorized																																																		10,000,000,000	10,000,000,000								3,000,000,000
Preferred stock, shares authorized																																																			100,000,000								10,000,000
Preferred stock voting rights																				1-50 conversion ratio and to vote on an as converted basis
Annual dividend in cash or in kind																				$ 0.0035
Number of shares issued, value																																																		$ 50,000
Amortized of debt discount																																																			$ 244,085
Number of common stock purchase warrants shares																																																		328,571,428
BKS Cambria, LLC [Member]
Number of shares redeemed																																												84,770,115
United Biorefineries, Inc [Member]
Number of shares redeemed																																												53,347,701
Purge Virus LLC [Member]
Warrants vested value																																																		$ 500,000
Purge Virus LLC [Member] | Forecast [Member]
Warrants vested value																																																				$ 1,000,000
AGILE Technologies Group, LLC [Member]
Number of common stock purchase warrants shares																																																		100,000,000
Warrant strike price per share																																																		$ 0.001
Series C Preferred Stock [Member]
Preferred stock, shares authorized												2,000,000																																	1,000,000											1,000,000
Preferred stock voting rights												increased the voting rights of the Series C Preferred shares to 100,000 for every one (1) share from 10,000 for every one (1) share.																																	Each share converts into one common share, has 10,000 votes on every corporate matter requiring a shareholder vote, has a par value of $0.0001, and pays an annual dividend at the option of the Company of $0.01.
Preferred stock, par value																																													$ 0.0001
Dividend of option per share																																													$ 0.01
Series B Preferred Stock [Member]
Preferred stock, shares authorized												20,000,000																															6,000,000													6,000,000
Preferred stock, par value																																											$ 0.001
Preferred stock, shares issued																																																		25,000
Number of stock converted																																											1,000
Annual dividend in cash or in kind																																											$ 0.01
Conversion of stock description																																											Each share converts into 1,000 common shares, votes on an as converted basis, has a par value of $0.001, and pays a cumulative annual dividend in cash or in kind of $0.01.
Series A Preferred Stock [Member]
Preferred stock voting rights																																										At the time, each share was convertible into one common share and had 50 votes on corporate matters.
Annual dividend in cash or in kind																																										$ 0.01
Series A Preferred Stock [Member] | Minimum [Member]
Preferred stock, par value
Series A Preferred Stock [Member] | Maximum [Member]
Preferred stock, par value																																										$ 0.0001
Restricted Series B Preferred Shares [Member]
Number of shares issued																																																	275,000
Restricted Series B Preferred Shares [Member] | Source International LLC [Member]
Ownership percentage description																							We issued John Kelly, owner of PPE Source International LLC (PPESI), a provider of PPE to small, medium, and large businesses, institutions, and government customers, 100,000 Series B Preferred Shares for a 180-day exclusive option to purchase his 100% member interests in PPESI. We are in negotiations to extend this purchase option.
Restricted Series B Preferred Shares [Member] | Purge Virus LLC [Member]
Ownership percentage description																			On October 19, 2020, we closed the acquisition of 100% of the member interests of Purge Virus, LLC from Charles Szoradi for consideration of two million (2,000,000) Series B Preferred Shares. The purchase maintains PV as a 100% owned subsidiary of FOMO CORP., includes cross-selling relationships with Mr. Szoradi's 100% owned LED company Independence LED and 33% owned energy management software company Energy Intelligence Center (EIC), and JV partner Company PPE Source International LLC.
Third-Party Lender [Member]
Debt conversion shares issued																																																			1,242,231,661
Number of common stock purchase warrants shares															328,571,428	328,571,428
Warrant strike price per share															$ 0.0007	$ 0.0007
Warrants term															5 years	5 years
Third-Party Lender [Member]
Debt conversion shares issued									25,000,000	222,838,600								202,159,667				188,792,200		135,187,800	112,318,333		115,000,000			116,666,667	93,640,000	112,000,000	106,000,000	72,800,000	89,000,000												611,005,229	179,819,200		2,936,347,316	1,153,211,664
Borrowed amount															$ 115,000	$ 115,000		$ 0				$ 21,239		$ 5,070	$ 58		$ 2,950	$ 6,100								$ 18,000	$ 18,000	$ 35,000	$ 35,000								$ 21,239	$ 20,230			$ 255,334
Legal fees and due diligence expenses															2,000	5,000																			$ 500	2,500
Debt conversion shares issued, value									$ 12,000				$ 10,944																	$ 7,000	$ 4,682	$ 5,600	$ 5,300	$ 2,350	$ 2,170															$ 761,456	$ 231,444
Debt interest													$ 94					86				$ 7,080		$ 1,690	2,812			$ 948						$ 1,290														$ 6,743
Debt fees																									$ 500		$ 500
Number of shares issued for settlement of debt											264,680,378		212,247,469	264,680,377			794,041,133																													794,041,134
Conversion of warrants																																															$ 25,000
Interest and penalties										$ 55,710			$ 20,799					$ 30,238																												$ 283,000
Amortized of debt discount															15,000	10,000																				3,000	2,500
Proceeds from convertible debt															$ 98,000	98,000																				$ 12,500	$ 15,500	$ 30,500	$ 32,000
Broker fees																$ 2,000
Third-Party Lender [Member] | Subsequent Event [Member]
Debt conversion shares issued	58,497,722	59,652,311	58,497,722	55,555,556	55,555,556	40,000,000	40,000,000
Borrowed amount	$ 18,000	$ 18,000	$ 21,059	$ 20,000	$ 20,000	$ 10,800	$ 19,200																																														$ 205,000
Legal fees and due diligence expenses		800
Debt interest	$ 11,479	$ 4,166	$ 0	$ 0	$ 0	$ 7,248	$ 0
Number of shares issued for settlement of debt								264,680,378
Third-Party Lender [Member] | Restricted Common Share [Member]
Debt conversion shares issued																												128,144,181
Vikram Grover [Member]
Shares issued for accrued compensation																					$ 37,500
Shares issued for accrued compensation, shares																					93,750
Number of common stock purchase warrants shares																																													100,000,000					200,000,000
Warrant strike price per share																																													$ 0.001					$ 0.001
Warrants term																																													3 years					3 years
Vikram Grover [Member] | Mobicard Inc [Member] | Securities Purchase Agreement [Member]
Number of shares issued, value																																									$ 483,000
Number of shares issued																																									210,000,000
Vikram Grover [Member] | Series C Preferred Stock [Member]
Preferred stock, shares issued																																																												1,000,000
Vikram Grover [Member] | Series B Preferred Stock [Member]
Shares issued for accrued compensation																													$ 25,000
Shares issued for accrued compensation, shares																													125,000
Vikram Grover [Member] | 1% Cumulative Series B Preferred Shares [Member] | Mobicard Inc [Member] | Securities Purchase Agreement [Member]
Number of shares issued																																									400,000
Vikram Grover [Member] | Restricted Series B Preferred Shares [Member]
Shares issued for accrued compensation																										$ 137,065
Shares issued for accrued compensation, shares																										1,370,065
Former Owners [Member] | Series A Preferred Stock [Member]
Number of stock transferred																																																												2,000,000
CEO [Member] | Series A Preferred Stock [Member]
Preferred stock, shares authorized																																										3,000,000
Board of Directors [Member] | Former Management, Employees, Affiliates and Representatives [Member]
Number of shares issued																																								162,846,149
Paul Benis [Member]
Number of common stock purchase warrants shares																																																						20,000,000	10,000,000
Warrant strike price per share																																																						$ 0.001	$ 0.001
Warrants term																																																						3 years	3 years
Note payable																																																										$ 11,593
Dr. Wayman Baker [Member]
Number of common stock purchase warrants shares																																																									10,000,000
Warrant strike price per share																																																									$ 0.001
Warrants term																																																									3 years
Aldo Baiocchi [Member]
Number of common stock purchase warrants shares										10,000,000	10,000,000
Warrant strike price per share										$ 0.001	$ 0.001
Consultant [Member]
Number of common stock purchase warrants shares																																																		25,000,000
Warrant strike price per share																																																		$ 0.001
Warrants term																																																		3 years
Roderick Martin [Member]
Number of common stock purchase warrants shares																																																		20,000,000
Warrant strike price per share																																																		$ 0.01
Warrants term																																																		3 years

XML

Subsequent Events (Details Narrative)																																			1 Months Ended		12 Months Ended
	Mar. 06, 2021 $ / shares shares	Mar. 04, 2021 $ / shares shares	Feb. 26, 2021 $ / shares shares	Feb. 12, 2021 shares	Jan. 21, 2021 USD ($) shares	Jan. 20, 2021 USD ($)	Jan. 14, 2021 USD ($) shares	Jan. 13, 2021 USD ($) shares	Jan. 11, 2021 USD ($) shares	Jan. 11, 2021 USD ($) shares	Jan. 07, 2021 USD ($) shares	Jan. 07, 2021 USD ($) shares	Jan. 05, 2021 USD ($) shares	Jan. 04, 2021 USD ($) shares	Jan. 01, 2021 shares	Dec. 30, 2020 shares	Dec. 02, 2020 shares	Nov. 02, 2020 USD ($)	Oct. 28, 2020 USD ($)	Oct. 28, 2020 USD ($)	Oct. 20, 2020 USD ($) shares	Oct. 08, 2020 USD ($) shares	Sep. 15, 2020 USD ($) shares	Sep. 04, 2020 USD ($) shares	Aug. 31, 2020 USD ($) shares	Aug. 27, 2020 USD ($)	Feb. 18, 2020 shares	Feb. 05, 2020 shares	Feb. 03, 2020 shares	Jan. 08, 2020 shares	Dec. 06, 2019 USD ($) shares	Nov. 18, 2019 USD ($) shares	Nov. 14, 2019 USD ($)	Mar. 15, 2019 USD ($) shares	Oct. 08, 2020 USD ($) shares	Sep. 30, 2020 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Mar. 31, 2021 USD ($)	Feb. 27, 2021 $ / shares shares	Feb. 17, 2021 $ / shares shares	Nov. 12, 2019 USD ($)	Sep. 06, 2019 USD ($)	Jul. 09, 2019 USD ($)
Number of common stock purchase warrants shares																																					328,571,428
Total convertible notes payable | $																																					$ 226,186
Tri-Bridge Ventures [Member]
Number of shares issued																																		75,000,000
Convertable debt balance | $																																		$ 2,286
Accrued interest | $																																		3,069
Accrued penalties | $																																		$ 231,930
Third-Party Lender [Member]
Borrowed amount | $																			$ 115,000	$ 115,000	$ 0	$ 21,239	$ 5,070	$ 58	$ 2,950	$ 6,100							$ 18,000		$ 21,239	$ 20,230		$ 255,334				$ 18,000	$ 35,000	$ 35,000
Debt interest | $																		$ 94			$ 86	$ 7,080	$ 1,690	$ 2,812		$ 948					$ 1,290					$ 6,743
Debt conversion shares issued																25,000,000	222,838,600				202,159,667	188,792,200	135,187,800	112,318,333	115,000,000		116,666,667	93,640,000	112,000,000	106,000,000	72,800,000	89,000,000			611,005,229	179,819,200	2,936,347,316	1,153,211,664
Legal fees | $																			$ 2,000	$ 5,000												$ 500	$ 2,500
Subsequent Event [Member] | Online Energy Manager LLC [Member]
Number of common stock purchase warrants shares																																								100,000,000
Exercise term																																								5 years
Exercise price per share | $ / shares																																								$ 0.01
Subsequent Event [Member] | Online Energy Manager LLC [Member]
Purchase option Percent		100.00%
Subsequent Event [Member] | Dr Wayman Baker [Member]
Number of common stock purchase warrants shares																																									20,000,000
Exercise term																																									3 years
Exercise price per share | $ / shares																																									$ 0.01
Subsequent Event [Member] | Tri-Bridge Ventures [Member]
Total convertible notes payable | $																																							$ 200,000
Subsequent Event [Member] | M&A Consultant [Member] | Restricted Stock [Member]
Issuance of common shares			6,250,000
Subsequent Event [Member] | Investor Relations [Member] | Restricted Stock [Member]
Issuance of common shares			300,000
Subsequent Event [Member] | RHK Capital [Member]
Number of common stock purchase warrants shares																																								100,000,000
Exercise term																																								3 years
Exercise price per share | $ / shares																																								$ 0.02
Subsequent Event [Member] | Energy Intelligence Center LLC [Member]
Number of common stock purchase warrants shares	50,000,000
Exercise term	3 years
Exercise price per share | $ / shares	$ 0.01
Subsequent Event [Member] | Third-Party Lender [Member]
Borrowed amount | $					$ 18,000	$ 205,000	$ 18,000	$ 21,059	$ 20,000	$ 20,000	$ 20,000	$ 20,000	$ 10,800	$ 19,200
Debt interest | $					$ 11,479		$ 4,166	$ 0		$ 0		$ 0	$ 7,248	$ 0
Debt conversion shares issued					58,497,722		59,652,311	58,497,722		55,555,556		55,555,556	40,000,000	40,000,000
Legal fees | $							$ 800
Debt instrument netted amount | $						180,000
Debt extinguishment | $						$ 115,000
Subsequent Event [Member] | Third-Party Lender One [Member]
Borrowed amount | $									$ 28,900	$ 28,900
Debt interest | $										$ 7,094
Debt conversion shares issued										97,621,714
Legal fees | $										$ 1,590
Subsequent Event [Member] | BRIO [Member]
Number of common stock purchase warrants shares			100,000,000
Exercise term			3 years
Exercise price per share | $ / shares			$ 0.02
Subsequent Event [Member] | Andrea Breaux [Member]
Number of common stock purchase warrants shares		20,000,000
Exercise term		3 years
Exercise price per share | $ / shares		$ 0.01
Subsequent Event [Member] | Dilip Limaye [Member]
Number of common stock purchase warrants shares		20,000,000
Exercise term		3 years
Exercise price per share | $ / shares		$ 0.01
Subsequent Event [Member] | Series B Preferred Stock [Member]
Number of shares issued															25,000
Subsequent Event [Member] | Series B Preferred Stock [Member] | SmartGuard UV [Member]
Number of shares issued											175,000
Subsequent Event [Member] | Series B Preferred Stock [Member] | HVAC [Member]
Number of shares issued									100,000
Subsequent Event [Member] | Series B Preferred Stock [Member] | Independence LED Lighting [Member]
Number of shares issued				250,000
Acquisition percentage				1.00
Subsequent Event [Member] | Series B Preferred Stock [Member] | Energy Intelligence Center LLC [Member]
Number of shares issued	125,000
Acquisition percentage	1.00