10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File No. 001-13126

FOMO CORP.

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

california	5511	83-3889101
(State or other jurisdiction of incorporation or organization)	(Primary Standard Industrial Classification Code Number)	(I.R.S. Employer Identification No.)

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

(Address of principal executive offices)

(630) 286-9560

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
COMMON	FOMC	OTC PINK

Indicate by check mark whether the registrant (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 ☒ 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer” and “large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	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. ☐

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

The number of shares of Common Stock (no par value) of the registrant outstanding was 6,186,833,544 at August 13, 2021. The number of shares of Series A Preferred Stock ($0.0001 par value and that each convert into one share of common stock) of the registrant outstanding was 5,750,000 at August 13, 2021. The number of shares of Series B Preferred Stock ($0.0001 par value and that each convert into 1,000 shares of common stock) of the registrant outstanding was 5,143,115 at August 13, 2021. The number of shares of Series C Preferred Stock ($0.0001 par value and that each convert into one share of common stock) of the registrant outstanding was 1,000,000 at August 16, 2021. The market value of common shares outstanding as of August 13, 2021 was $8,661,567.

FOMO CORP.

QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 2019

TABLE OF CONTENTS

	PAGE
Part I. FINANCIAL INFORMATION:
Item 1. Financial Statements:	3
Condensed Balance Sheets as of June 30, 2021 (unaudited) and December 31, 2020	4
Condensed Statements of Operations (unaudited) for the Three Months and Six Months ended June 30, 2021 and 2020	5
Condensed Statement of Stockholders’ Deficit (unaudited)Six Months ended June 30, 2021 and 2020	6
Condensed Statements of Cash Flows (unaudited) for the Six Months ended June 30, 2021 and 20200	7
Notes to Condensed Financial Statements (unaudited)	8
Item 2. Management’s Discussion and Analysis and Plan of Operation	21
Item 3. Quantitative and Qualitative Disclosures About Market Risk	23
Item 4. Controls and Procedures	23
Part II. OTHER INFORMATION:
Item 1. Legal Proceedings	23
Item 1A. Risk Factors	23
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 3. Defaults Upon Senior Securities	24
Item 4. Mine Safety Disclosures	24
Item 5. Other Information	24
Item 6. Exhibits	24
SIGNATURES	25
EXHIBIT INDEX	25

2

PART I

ITEM 1. FINANCIAL STATEMENTS

FOMO CORP. and Subsidiaries

INDEX TO FINANCIAL STATEMENTS

Condensed Balance Sheets, June 30, 2021 (unaudited) and December 31, 2020	4
Condensed Statements of Operations (unaudited), for the Three Months and Six Months ended June 30, 2021 and 2020	5
Condensed Statements of Stockholders’ Deficit (unaudited) for the Six Months ended June 30, 2021 and 2020	6
Condensed Statements of Cash Flows (unaudited), for the Six Months ended June 30, 2021 and 2020	7
Notes to Condensed Financial Statements (unaudited)	8

3

FOMO CORP. and Subsidiaries

(Formerly 2050 Motors, Inc.)

Condensed Balance Sheets

	As of June 30, 2021			As of December 31, 2020
	(unaudited)			(audited)
Assets
Current assets
Cash	$	32,076		$	12,069
Accounts receivable, net		59,921			20,859
Deposit on option to purchase business		17,500			-
Inventory		231,614			-
Loan receivable		25,000			-
Prepaid expense		130,923			910
Total current assets		497,034			33,838
Other assets:
Investments		254,594			168,000
Intangible assets		1,175,749			206,250
Goodwill		596,906			596,906
Total other assets		2,027,249			971,156
Total assets	$	2,524,283		$	1,004,994
Liabilities and stockholders’ deficit
Liabilities
Current liabilities
Accounts payable	$	63,070		$	63,291
Accrued intertest on loans payable		24,945			24,945
Customer deposit		132,772			5,614
Loan payable related party		1,294			3,574
Loans payable due to non-related parties, net		415,020			226,186
Loan Cares PPP		-			11,593
Derivative liability		592,359			834,230
Total current liabilities		1,229,460			1,169,433
Total liabilities		1,229,460			1,169,433
Stockholders’ deficit
Common stock; no par value authorized: 10,000,000,000 issued and outstanding 5,775,528,159 at June 30, 2021 and 4,713,543,121 December 31, 2020, respectively		5,342,243			4,232,960
Preferred stock Class A; $0.0001 par value authorized: 78,000,000 issued and outstanding 5,750,000 and 3,000,000 at June 30, 2021 and December 31, 2020, respectively: discretionary 1% dividend		575			300
Preferred stock Class B; $0.0001 par value authorized: 20,000,000 issued and outstanding 5,313,815 and 4,463,815 at June 30, 2021 and December 31, 2020, respectively: discretionary 1% dividend		531			446
Preferred stock Class C; $0.0001 par value authorized: 2,000,000 and issued and outstanding 1,000,000 at June 30, 2021 and December 31, 2020, respectively: discretionary 1% dividend		100			100
Additional paid-in-capital		4,695,540			3,139,400
Accumulated deficit		(8,869,166	)		(7,662,645	)
Common stock issuable		125,000			125,000
Total stockholders’ deficit		1,294,823			(164,439	)
Total liabilities and stockholders’ deficit	$	2,524,283		$	1,004,994

The accompanying notes are an integral part of these financial statements

4

FOMO CORP. and Subsidiaries

(Formerly 2050 Motors, Inc.)

Condensed Statement of Operations

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020
Operating revenue	$	84,661		$	-		$	256,863		$	-
Cost of revenues		65,286			-			197,506			-
Gross profit		19,375			-			59,357			-
Operating expenses:		359,853			48,742			1,416,071			99,274
General and administrative
Net loss from operations		(340,478	)		(48,742	)		(1,356,714	)		(99,274	)
Other income (expenses):
Interest expense		-			(21,173	)		234,310			(31,724	)
Loan forgiveness		11,593						11,593
Loss on investment		(288,406	)					(288,406	)		-
Impairment loss		-			-			-			(63,000	)
Derivative liability gain (loss)		1,800,000			196,289			424,626			680,082
Debt conversion gain (loss)		-			-			-			-
Debt settlement gain (loss)		-			-			(231,930	)		-
Other income, net		-			-			-			-
Total other income (expenses)		1,523,187			175,116			150,193			585,358
Income (loss) before income taxes		1,182,709			126,374			(1,206,521	)		486,084
Provision for income taxes
Net income (loss)	$	1,182,709		$	126,374		$	(1,206,521	)	$	486,084
Net income (loss) per share, basic and diluted	$	0.00002		$	0.0001		$	(0.0002	)	$	0.0002
Weighted average common equivalent share outstanding, basic and diluted		5,5780,818,213			2,205,505,472			5,653,234,527			2,129,408,183

The accompanying notes are an integral part of these financial statements

5

FOMO CORP. and Subsidiaries

(Formerly 2050 Motors, Inc.)

Condensed Statement of Stockholders’ Deficit

(Unaudited)

	Common Stock				Preferred Stock
					Class A				Class B				Class C				Common		Additional					Total
	Number		No		Number		$0.0001		Number		$0.0001		Number		$0.0001		Stock		paid-in		Accumulated			stockholders’
	of Shares		par value		of Shares		par value		of Shares		par value		of Shares		par value		Issuable		capital		deficit			deficit
Balance, December 31, 2019		1,777,198,805	$	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		428,306,667		22,582		-		-		-		-		-		-		-		-		-			22,582
Warrants		-		-		-		-		-		-		-		-		-		5,781		-			5,781
Net income		-		-		-		-		-		-		-		-		-		-		359,710			359,710
Balance, March 31, 2020		2,205,505,472		3,822,987		3,000,000		300		400,000		40		1,000,000		100		125,000		863,999		(5,666,216	)		(853,790	)
Warrants		-		-		-		-		-		-		-		-		-		5,781		-			5,781
Net income		-		-		-		-		-		-		-		-		-		-		486,084			486,084
Balance, June 30, 2020		2,205,505,472	$	3,822,987		3,000,000	$	300		400,000	$	40		1,000,000	$	100	$	125,000	$	869,780	$	(5,180,132	)	$	(361,925	)
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	)
Conversion of convertible debt		905,435,038		563,643		-		-		-		-		-		-		-		-		-			563,643
Stock issued for compensation		6,550,000		99,640		-		-		-		-		-		-		-		-		-			99,640
Stock issued for loan cost		10,000,000		20,000		-		-		-		-		-		-		-		-		-			20,000
Purchase common share		65,000,000		250,000		-		-		-		-		-		-		-		-		-			250,000
Purchase Preferred A shares		-		-		2,750,000		275		-		-		-		-		-		274,725		-			275,000
Stock issued for compensation		-		-		-		-		300,000		30		-		-		-		123,970		-			124,000
Options to purchase business		-		-		-		-		175,000		17		-		-		-		38,483		-			38,500
Purchase assets		-		-		-		-		375,000		38								924,962					925,000
Warrents		-		-		-		-		-		-		-		-		-		194,000					194,000
Net income		-		-		-		-		-		-		-		-		-		-		(2,389,230	)		(2,389,230	)
Balance, March 31, 2021		5,700,528,159		5,166,243		5,750,000		575		5,313,815		531		1,000,000		100		125,000		4,695,540		(10,051,875	)		(63,886	)
Purchase common shares		75,000,000		176,000																					176,000
Net income		-		-		-		-		-		-		-		-		-		-		1,182,709			1,182,709
Balance June 30, 2021		5,775,528,159		5,342,243		5,750,000		575		5,313,815		531		1,000,000		100		125,000		4,695,540		(8,869,166	)		1,294,823

The accompanying notes are an integral part of these financial statements

6

FOMO CORP. and Subsidiaries

(Formerly 2050 Motors, Inc.)

Condensed Statement of Cash Flows

(Unaudited)

	Six Months Ended
	June 30, 2021			June 30, 2020
Cash flows provided by (used for) operating activities:
Net income (loss)	$	(1,206,521	)	$	486,084
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
Amortization of debt discount		-			-
Debt settlement (income) loss		-			-
Issuance of common stock for services		241,500			11,562
Derivative liability adjustment		331,539			(680,082	)
Loan forgiveness		(11,593	)		-
Loss on investment		-			63,000
Increase (decrease) in assets and liabilities:
Accounts receivable		(39,062	)		-
Accounts payable		(221	)		5,000
Inventory		(231,614	)		-
Prepaid expenses		(130,013	)
Customer deposits		127,158			-
Accrued expenses		-			102,817
Tax payable		-			-
Net cash used for operating activities		(918,827	)		(11,619	)
Cash flows provided by (used for) Investing activities
Cash flows provided by (used for) Financing activities
Proceeds from non-related loans		188,834			-
Payment of loan receivable		(25,000	)		-
Proceeds from sale of common stock		500,000			-
Proceeds from sale Preferred A shares		275,000
Proceeds from CARES Act loan		-			11,593
Net cash provided by (used for) financing activities		938,834			11,593
Net (decrease increase in cash		20,007			(26	)
Cash, beginning of period		12,069			63
Cash, end of period	$	32,076		$	37
Supplemental disclosure of cash flow information
Amortization of deferred finance cost from non-cash transaction	$	-		$	-
Common stock issued for debt	$	563,643		$	28,819
Debt discount from convertible loan	$	-		$	40,500
Reclassification of derivative liability	$	-		$	39,852
Interest paid	$	-		$	-

The accompanying notes are an integral part of these financial statements

7

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 February 27, 1990 in the state of California as a blank check company named “K7 Capital Corporation”. On or around the year 2000, the Company restructured to seek acquisition candidates. 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, new management dissolved the Company’s Nevada subsidiary as the electric vehicle strategy had failed. Meanwhile, the Company incubated an internet business targeting the Cannabis market and pursued various ventures in the internet, communications, and technology markets. The Company purchased Purge Virus, LLC to enter the viral disinfection technology market on October 19, 2020, closed lighting and energy management asset purchases of Independence LED Lighting, LLC and Energy Intelligence Center, LLC during the first three months of 2021, and has since announced letters of intent and definitive agreements to acquire additional technology and services businesses. The Company also owns an equity interest in Himalaya Technologies, owner and operator of an early-stage social media business called “Kanab Club” targeting the cannabis sector.

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. 2050 Motors, Inc. Nevada was subsequently dissolved.

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.

8

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, on May 7, 2021, FINRA issued a name change and ticker change to “FOMO CORP.” and applied the ticker “FOMC”.

On February 12, 2021, we purchased the assets of Independence LED Lighting, LLC (a Pennsylvania LLC). The assets were subsequently placed into a newly formed subsidiary, Energy Intelligence Center LLC (a Wyoming LLC).

On March 6, 2021, we purchased the assets of Energy Intelligence Center, LLC (a Pennsylvania LLC). The assets were subsequently placed into a newly formed subsidiary, Energy Intelligence Center LLC (a Wyoming LLC).

As of June 30, 2021, 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., Purge Virus, LLC and Energy Intelligence Center LLC. All material intercompany balances and transactions have been eliminated in consolidation.

Cash

Cash consists of deposits in one large national bank. On June 30, 2021 and December 31, 2020, respectively, the Company had $32,076 and $12,069 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.

9

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 June 30, 2021:

	Total		Level 1		Level 2	Level 4
Assets
Investments		254,594		254,594
Total assets measured at fair value
Liabilities
Derivative liability		592,359					592,359
Total liabilities measured at fair value

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

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, 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
Balance as of December 31, 2020	$	834,230
Fair value of derivative liabilities		1,135,503
Loss on conversion		(1,375,374	)
Gain on change in derivative liabilities		0
Balance as of June 20, 2021	$	592,359

10

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.

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On June 30, 2021 and December 31, 2020, the Company had not taken any significant uncertain tax positions on its tax returns for the period ended December 31, 2020 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, filed federal and state taxes in California, Illinois and Pennsylvania as required and brought the Company current in all regards in 2021.

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 June 30, 2021 and December 31, 2020 was $4,464 and zero, respectively.

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.

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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 ($8,869,166) as of June 30, 2021. The Company also had negative working capital of ($732,426) on June 30, 2021, and had operating losses of ($1,356,714) for the six months ended June 30, 2021 and (1,636,719) for the year ended December 31, 2020, 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.

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 March 31, 2021 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.

On February 12, 2021, we purchased 100.0% of the assets, including inventory, customer lists, GSA schedule, intellectual property and other of Independence LED Lighting, LLC for two hundred fifty thousand (250,000) Series B Preferred shares. Based on market prices at closing, the transaction was valued at two and one half million dollars ($2,500,000), but for accounting purposes we wrote the purchase price down to $242,500.

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On March 6, 2021, we purchased 100.0% of the assets, including inventory, customer lists, GSA schedule, intellectual property and other of Energy Intelligence Center, LLC for one hundred twenty five thousand (125,000) Series B Preferred shares. Based on market prices at closing, the transaction was valued at one million two hundred fifty thousand ($1,250,000), but for accounting purposes we wrote the purchase price down to $825,000.

On May 18 2021, FOMO CORP. (“FOMO”) incorporated FOMO ADVISORS LLC, a Wyoming limited liability company, as a wholly owned public/private merchant banking subsidiary. FOMO ADVISORS LLC intends to assist private companies in accessing the capital markets through “pass through” investments that allow investors to gain liquidity from FOMO stock while benefiting from direct exposure to private company growth through derivative instruments or other rights. The subsidiary is engaging with strategic targets to introduce them to its network of financial and strategic contacts, provide them management consulting, and create a portfolio of technology investments for future incubation, capital formation, and wealth creation. An outline of FOMO’s plans is attached herein as Exhibit 10.1. The Company is currently evaluating its corporate development pipeline and has identified a number of candidates for this capital formation model, though there can be no assurances.

On July 31, 2021, we sold our 50.0% interest in KANAB CORP. (one million shares) to Himalaya Technologies, Inc. a/k/a Homeland Resources Ltd. (OTC: HMLA) for one hundred fifty thousand (150,000) Series B Preferred shares of the buyer, convertible into one hundred fifty million (150,000,000) common shares). Our CEO, Vikram Grover, is also CEO of Himalaya Technologies, Inc.

Note 5 – LOANS PAYABLE DUE TO RELATED PARTIES

As of June 30, 2021, the Company subsidiary’s chief executive officer had an outstanding balance of $1,294. 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 June 30, 2021, the Company had the following third-party convertible notes outstanding:

	Lender	Origination		Maturity		Amount		Interest
Note	GS Capital		01/20/21		01/20/22		205,000		10.0	%
Note	PowerUp Lending		04/08/21		04/08/22		103,500		12.0	%
Note	PowerUp Lending		05/10/21		05/10/22		53,750		12.0	%
Note	GS Capital		06/25/21		06/25/22		65,000		10.0	%
Total						$	427,250
less discount							12,230
Net						$	415,020

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.

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During the six months ended June 30, 2021, third-party lenders converted $563,643 of principal, interest and penalties into 905,435,038 shares of common stock. There were no conversions of third-party debt during the three months ended June 30, 2021.

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

	June 30, 2021	December 31, 2020
●	Volatility: 253% - 466%	Volatility: 253% - 466%
●	Risk free rate of return: 1.24%- 1.53%	Risk free rate of return: 1.24% - 1.53%
●	Expected term: 1-3 years	Expected term: 1-3 years

The Company amortized a debt discount of $0 and $63,350 respectively, during the six months ended June 30, 2021 and year ended December 31, 2020, respectively.

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.

On January 20, 2021, a third-party lender funded the Company $205,000 in a 10% convertible debenture due January 20, 2022. The transaction netted the Company $180,000 after a $20,000 original issue discount and $5,000 in legal fees.

On April 8, 2021, a third-party lender funded the Company $103,500 in a 12% convertible debenture due April 8, 2022. The transaction netted the Company $100,000 after $3,500 legal and due diligence fees.

On May 10, 2021, a third-party lender funded the Company $53,750 in a 12% convertible debenture due May 10, 2022. The transaction netted the Company $50,000 after $3,750 legal and due diligence fees.

On June 25, 2021, a third-party lender funded the Company $65,000 in a 10% convertible debenture due June 25, 2022. The transaction netted the Company $60,000 after a $2,000 original issue discount and $3,000 in legal fees.

During the three months ended March 31, 2021 third-party lenders converted $563,643 of principle, interest and penalties into 905,435,038 shares of no-par common stock. During the three months ended June 30, 2021, there were no conversions of third-party debt into common shares.

Note 7 – COMMITMENTS AND CONTINGENCIES

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. There is no litigation outstanding as of June 30, 2021.

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 March 31, 2021 and December 31, 2020 will not be fully realizable. The Company is current with franchise tax board fees due to the State of California and in 2021 filed tax statements for the federal and state requirements (California, Illinois, Pennsylvania) for 2018 – 2019 - 2020. Today, the Company is current with its federal and state tax filings.

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Note 9 – WARRANTS AND OPTIONS

As of December 31, 2019, the Company had 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 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.

On March 4, 2021, we issued Dilip Limaye 20,000,000 warrants with a strike price of $0.01 and a three-year expiration as compensation for joining our Advisory Board.

On March 20, 2021 the Company issued 100,000,000 warrants with a strike price of $0.01 and a five-year expiration to Online Energy Manager as consideration for a software license.

On March 31, 2021 The Company issued 50,000,000 warrants with a strike price of $0.01and an three-year expiration to Energy Intelligence as consideration on the asset purchase.

On May 12, 2021, we issued John Conklin 20,000,000 warrants with a strike price of $0.01 and a three-year expiration as compensation for joining our Advisory Board.

Note 10 – EQUITY

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.

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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.

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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.

On January 1, 2021, the Company issued a consultant 25,000 Series B Preferred shares for services.

On January 6, 2021, the Company issued 175,000 Series B Preferred shares as a non-refundable deposit to purchase SmartGuard.

On January 6, 2021, the Company issued 175,000 Series B Preferred shares as a refundable deposit to purchase SmartGuard.

On January 21, 2021 the Company issued a third-party lender 10,000,000 shares of no-par common stock for loan cost.

On February 11, 2021, the Company issued 100,000 Series B Preferred shares as a non-refundable deposit to purchase PVBJ.

On February 24, 2021, the Company issued 250,000 Series B Preferred shares to purchase assets of Independence LED Lighting LLC.

On February 27, 2021, the Company issued a consultant 300,000 shares of no-par common stock for investor relations services.

During February 2021 the Company sold 2,750,000 Series A Preferred shares for $275,000.

On March 1, 2021, the Company issued a consultant 6,250,000 shares of no-par common stock for consulting services.

On March 20, 2021, the Company issued 125,000 Series B Preferred shares to purchase the assets of Energy Intelligence Center LLC.

On March 31, 2021, the Company sold 65,000,000 commitment and initial shares of common stock for $250,000 as part of an equity line of credit program with an institutional investor.

During the three months ended March 31, 2021 third-party lenders converted $563,643 of principle, interest and penalties into 905,435,038 shares of no-par common stock

On April 9, 2021, the Company issued a consultant 6,250,000 shares of no-par common stock for consulting services.

Business Development and Related

On October 2, 2020, we issued the 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. The option was subsequently canceled.

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. The joint venture partnership with PPESI was subsequently canceled.

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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. The SBA forgave this loan subsequent to quarter end.

On June 22, 2021, Himalaya Technologies, Inc. a/k/a Homeland Resources Ltd. (OTC: HMLA) retained our merchant banking subsidiary FOMO ADVISORS LLC to advise on its restructuring and merger and acquisition activities. As part of the program, Himalaya Technologies issued us 50,000,000 common stock purchase warrants with a $0.0001 exercise price and a five-year expiration.

On June 28, 2021, Himalaya Technologies, Inc. issued us 50,000,000 common stock purchase warrants with a $0.0001 exercise price and a five-year expiration as a non-refundable deposit for the purchase of our stake in KANAB CORP., owner and operator of a cannabis social network.

During June 2021, we entered into a Master Note with Himalaya Technologies, Inc. for up to $25,000.00 with an annual interest rate of 20.0% and a maturity date of December 25, 2021. As of June 30, 2021, a total of $25,000.00 has been funded under the program.

Warrants

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

On November 3, 2020, the Company issued 10,000,000 warrants to a consultant 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 a former Advisory Board member who 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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On March 20, 2021 the Company issued 100,000,000 warrants with a strike price of $0.01 and a five-year expiration to Online Energy Manager for a software license.

On March 31, 2021 The Company issued 50,000,000 warrants with a strike price of $0.01and an three-year expiration to Energy Intelligence as additional price on asset purchase.

On April 9, 2021, the Company issued a consultant 6,250,000 shares of no-par common shares for consulting services.

On April 24, 2021, the Company issued 2,300 Series B Preferred shares for consulting services.

On April 20, 2021, the Company issued 25,000 Series B Preferred shares for consulting services relating to Kanab Corp.

On April 8, 2021, a third-party lender funded the Company $103,500 in a 22% convertible debenture due April 8, 2022. The transaction netted the Company $100,000 after $3,500 loan fees.

On April 16, 2021, the Company extended the LOI’s to purchase Ecolite and PPE Source International LLC until July 1, 2021

On or around April 14, 2021, the Company signed an agreement to purchase 100% interest in Lux Solutions, LLC for $5,000,000 in Series B Preferred shares, cash and seller notes. The Agreement has subsequently been extended due to market conditions.

On or around April 14, 2021, the Company signed an agreement to purchase 100% interest in Led IV Funding, LLC for $7,000,000 in Series B Preferred shares, cash and seller notes. The Agreement has subsequently been extended due to market conditions.

On May 10, 2021, a third-party lender funded the Company $53,750 in a 12% convertible debenture due May 10, 2022. The transaction netted the Company $50,000 after $3,750 fees.

On June 25, 2021, a third-party lender funded the Company $65,000 in a 10% convertible debenture due June 25, 2022. The transaction netted the Company $60,000 after a $2,000 original issue discount and $3,000 in legal fees.

Note 11--SUBSEQUENT EVENTS

On July 14, 2021, a Form S-1 was declared effective by the SEC registering two billion common shares underlying one billion five hundred million shares of common stock priced at $0.02 and five hundred million common stock purchase warrants with a $0.04 exercise price and a three-year expiration. A sole investor Tysadco Partners LLC was listed in the filing.

On July 15, 2021, we appointed Shamira Jaffer, a businesswoman with substantial technology experience in automated retail, advertising and technology, to our Advisory Board. We issued Ms. Jaffer 20,000,000 common stock purchase warrants with an exercise price of $0.002 and a three-year expiration.

On July 22, 2021, we appointed Senator Gerald Dial, former Alabama State Senator, former Chair of the Senate Health Committee and current Advisory Board member to our partner Safely Opening Schools, to our Advisory Board. We issued Senator Dial 20,000,000 common stock purchase warrants with an exercise price of $0.002 and a three-year expiration.

On July 2021, we issued 7,500,000 common shares to a public relations consultant for services rendered.

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Item 2. Management’s Discussion and Analysis or Plan of Operation

Plan of Operations

This 10−Q contains forward-looking statements. Our actual results could differ materially from those set forth as a result 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.

Plan of Operations

On May 2, 2014, the Company had nominal assets whose sole business was to identify, evaluate, and investigate various companies to acquire or with which to merge. Upon consummation of a merger with 2050 Motors, Inc., a Nevada corporation, the Company’s business became the business of 2050 Motors, which at the time was the Company’s sole operating subsidiary focused on the importation of electric vehicles (“EV’s”) from China. That business was dissolved in May 2019. Today, our principal business objective for the next 12 months will be to achieve long-term growth through the launch of new business units, subsidiaries and ventures, initially, with a business concentration in the areas of communications, power over ethernet (PoE) and LED lighting, energy management software, and social media.

FOMO CORP. is a development stage company with no operating history and may never be able to carry out its business plan or achieve any revenues or profitability. The Company was incorporated February 27, 1990 and has not generated any revenues, nor has it realized a profit from its operations to date, and there is little likelihood that it will generate any revenues or realize any profits in the short term. Any profitability in the future from its business will be dependent upon the successful marketing and sales of future business activities. The Company may not be able to successfully carry out its business plan. There can be no assurance that it will ever achieve any revenues or profitability. Accordingly, its prospects must be considered in light of the risks, expenses, and difficulties frequently encountered in establishing a new business, especially one in the automobile industry, and therefore it is a highly speculative venture involving significant financial risk. Since new management was appointed in March 2019, we expanded our mission statement to invest in, incubate and accelerate businesses in the communications, energy, electric vehicle, and Internet industries.

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Costs and Resources

FOMO CORP. is currently pursuing additional funding resources that will potentially enable it to maintain its current and planned operations through the next 12 months. The Company anticipates that it will need to raise additional capital in order to sustain and grow its operations over the next few years. To the extent that the Company’s capital resources are insufficient to meet current or 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, which may have the effect of diluting the holdings of existing shareholders. The Company has no current arrangements with respect to, or sources of, such additional financing and the Company does not anticipate that existing shareholders or creditors will provide any portion of the Company’s future financing requirements. No assurance can be given that additional financing will be available when needed or that such financing will be available on terms acceptable to the Company. If adequate funds are not available, the Company may be required to delay or terminate expenditures for certain of its programs that it would otherwise seek to develop and commercialize. This would have a material adverse effect on the Company.

Results of Operation for the Three Months Ended June 30, 2021 and 2020

During the three months ended June 30, 2021 and 2020, the Company had $84,661 and $0 in operating revenues. During the three months ended June 30, 2021 the Company incurred $65,286 in cost of revenues. During the three months ended June 30, 2021, the Company incurred operating expenses of $359,853 consisting primarily of G&A expenses, consulting fees and travel expenses and other general and administrative costs. For the three months ended June 30, 2021, these operating losses combined with non-operating income (expenses) of $1,523,187 resulted in net income of $1,182,709. For the three months ended June 30, 2020, the Company had operating losses of $48,742 and non-operating income (expenses) of $175,116 leading to net income of $126,374.

Results of Operation for the Six Months Ended June 30, 2021 and 2020

During the six months ended June 30, 2021 and 2020, the Company had $256,863 and $0 in operating revenues. During the six months ended June 30, 2021 the Company incurred $197,506 in cost of revenues. During the six months ended June 30, 2021, the Company incurred operating expenses of $1,613,577, consisting primarily of G&A expenses, consulting fees and travel expenses and other general and administrative costs. For the six months ended June 30, 2021, these operating losses combined with non-operating income (expenses) of $150,193 resulted in net loss of $1,206,521. For the six months ended June 30, 2020, the Company had operating losses of $99,274 and non-operating income (expenses) of $585,358 leading to net income of $486,084.

Equity and Capital Resources

We have incurred losses since the inception of our business and as of June 30, 2021 we had an accumulated deficit of $8,869,166. As of June 30, 2021, the Company had cash balance of $32,076 and a negative working capital of $732,426.

To date, we have funded our operations through short-term debt and equity financing. During the six months ended June 30, 2021, the Company received $288,834 of borrowed funds from non-related parties. In addition, during this period the Company issued no of common stock to lenders for conversions of no of principal and interest related to third-party debt and issued 10,000,000 shares of common no-par shares for loan costs. The Company issued 6,550,000 shares of common no-par shares and 300,000 Preferred B shares for compensation. The Company sold 140,000,000 shares of no-par common stock for $525,000. The Company also issued 175,000 Preferred B shares to purchase the assets of a business.

We expect our expenses will continue to increase during the foreseeable future as a result of increased operational expenses and the development of our automobile business. However, we do not expect to start generating revenues from our operations for another 12 months. Consequently, we are dependent on the proceeds from future debt or equity investments to sustain our operations and implement our business plan. If we are unable to raise sufficient capital, we will be required to delay or forego some portion of our business plan, which would have a material adverse effect on our anticipated results from operations and financial condition. There is no assurance that we will be able to obtain necessary amounts of additional capital or that our estimates of our capital requirements will prove to be accurate. As of the date of this Report we did not have any commitments from any source to provide such additional capital. Even if we are able to secure outside financing, it may be unavailable in the amounts or the times when we require. Furthermore, such financing would likely take the form of bank loans, private placement of debt or equity securities or some combination of these. The issuance of additional equity securities would dilute the stock ownership of current investors while incurring loans, leases or debt would increase our capital requirements and possible loss of valuable assets if such obligations were not repaid in accordance with their terms.

22

Delinquent Loans

As of June 30, 2021, the Company is no longer delinquent in its payments on any loans owing to third-party lenders.

Off-balance Sheet Arrangements

Since our inception through June 30, 2021, we have not engaged in any off-balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

As a “small reporting company” we are not required to provide this information under this item pursuant to Regulation S-K.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report on Form 10-Q, our President and Chief Financial Officer performed an evaluation of the effectiveness of and the operation of our disclosure controls and procedures as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act. Based on that evaluation, our President and Chief Financial Officer concluded that as of the end of the period covered by this report on Form 10-Q, our disclosure controls and procedures are not effective in timely alerting them to material information relating to 2050 Motors, Inc. required to be included in our Exchange Act filings.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or Rule 15d-15 under the Exchange Act that occurred during the quarter ended September 30, 2018 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

The Company has settled all lawsuits with third-party lenders regarding delinquent loans as of June 30, 2021.

Item 1A. Risk Factors.

As a “smaller reporting company”, we are not required to provide this information under this item pursuant to Regulation S-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

During the six months ended June 30, 2021, the Company received $205,000 of borrowed funds from non-related parties. In addition, during this period the Company issued 905,435,038 of common stock to lenders for conversions of $563,643 of principal and interest related to third-party debt and issued 10,000,000 shares of common no-par shares for 20,000 of loan costs. The company also sold 2,750,000 shares of Preferred A shares for $275,000. The Company issued 6,550,000 shares of common no-par shares and Preferred B shares for compensation. The Company sold 65,000,000 shares of no-par common stock for $250,000. The Company also issued 175,000 Preferred B shares as a deposit for a future business purchase and 350,000 Preferred B shares to purchase the assets of a business, of which half is refundable.

23

During the three months ended June 30, 2021, the Company received $250,000 initial investment from the sale of 65,000,000 common shares to Tysadco Partners, LLC under an equity line of credit (“ELOC”) facility, which was subsequently canceled and repapered in the format of a Form S-1 equity sale of up to two million (2,000,000) registered common shares and warrants. The Company also received $222,250 of borrowed funds from third-parties.

Item 3. Defaults Upon Senior Securities.

As of June 30, 2020, the Company is no longer delinquent in its payments on any loans owing to third-party lenders.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

(a) Exhibits.

Exhibit	Item
10.1*	Convertible Loan Agreement GS Capital - January 20, 2021
10.2**	Convertible Loan Agreement PowerUp Lending – April 8, 2021
10.3**	Convertible Loan Agreement PowerUp Lending – May 10, 2021
10.4**	Convertible Loan Agreement GS Capital – June 25, 2021
31.1**	Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002
31.2**	Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002
32.1**	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

*Filed by reference to Form 10-Q for the three months ended March 31, 2021 filed on EDGAR on May 24, 2021.

**Filed herewith.

24

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	FOMO CORP.
Date: August 16, 2021	/s/ Vikram Grover
	Vikram Grover, President
	(Principal Executive Officer)
Date: August 16, 2021	/s/ Vikram Grover
	Vikram Grover, Chief Financial Officer
	(Principal Financial and Accounting Officer)

EXHIBIT INDEX

Exhibit	Item
10.1*	Convertible Debenture Loan Agreement with GS Capital – January 20, 2021
10.2**	Convertible Loan Agreement PowerUp Lending – April 8, 2021
10.3**	Convertible Loan Agreement PowerUp Lending – May 10, 2021
10.4**	Convertible Loan Agreement GS Capital – June 25, 2021
31.1**	Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002
31.2**	Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002
32.1**	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

*Filed by reference to Form 10-Q for the three months ended March 31, 2021 filed on EDGAR on May 24, 2021.

**Filed herewith.

25

EX-10.2

Exhibit 10.2

 

 

 

 

 

 

 

 

 

 

 

 

 

EX-10.3

Exhibit 10.3

 

 

 

 

 

 

 

 

 

 

 

 

 

EX-10.4

Exhibit 10.4

 

 

 

 

 

 

 

 

 

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Vikram Grover, certify that:

1.	I have reviewed this report on Form 10-Q of FOMO Corp (Formerly 2050 Motors, Inc.);
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.	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
c.	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)

August 16, 2021

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Vikram Grover, certify that:

1.	I have reviewed this report on Form 10-Q of FOMO Corp (Formerly 2050 Motors, Inc.).;
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.	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
c.	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

August 16, 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 (Formerly 2050 Motors, Inc.) (the “Company”) on Form 10-Q for the period ending June 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), 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)

August 16, 2021

/s/ Vikram Grover

Vikram Grover

Chief Financial Officer

August 16, 2021

XML

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 13, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-13126
Entity Registrant Name	FOMO CORP.
Entity Central Index Key	0000867028
Entity Tax Identification Number	83-3889101
Entity Incorporation, State or Country Code	CA
Entity Address, Address Line One	1 E Erie St,
Entity Address, Address Line Two	Ste 525 Unit #2250
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60611
City Area Code	630
Local Phone Number	286-9560
Title of 12(b) Security	COMMON
Trading Symbol	FOMC
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,186,833,544

XML

Condensed Balance Sheets - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash	$ 32,076	$ 12,069
Accounts receivable, net	59,921	20,859
Deposit on option to purchase business	17,500
Inventory	231,614
Loan receivable	25,000
Prepaid expense	130,923	910
Total current assets	497,034	33,838
Other assets:
Investments	254,594	168,000
Intangible assets	1,175,749	206,250
Goodwill	596,906	596,906
Total other assets	2,027,249	971,156
Total assets	2,524,283	1,004,994
Current liabilities
Accounts payable	63,070	63,291
Accrued intertest on loans payable	24,945	24,945
Customer deposit	132,772	5,614
Loan payable related party	1,294	3,574
Loans payable due to non-related parties, net	415,020	226,186
Loan Cares PPP		11,593
Derivative liability	592,359	834,230
Total current liabilities	1,229,460	1,169,433
Total liabilities	1,229,460	1,169,433
Stockholders’ deficit
Common stock; no par value authorized: 10,000,000,000 issued and outstanding 5,775,528,159 at June 30, 2021 and 4,713,543,121 December 31, 2020, respectively	5,342,243	4,232,960
Additional paid-in-capital	4,695,540	3,139,400
Accumulated deficit	(8,869,166)	(7,662,645)
Common stock issuable	125,000	125,000
Total stockholders’ deficit	1,294,823	(164,439)
Total liabilities and stockholders’ deficit	2,524,283	1,004,994
Preferred Class A [Member]
Stockholders’ deficit
Preferred stock value	575	300
Preferred Class B [Member]
Stockholders’ deficit
Preferred stock value	531	446
Preferred Class C [Member]
Stockholders’ deficit
Preferred stock value	$ 100	$ 100

XML

Condensed Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	10,000,000,000	10,000,000,000
Common stock, shares issued	5,775,528,159	4,713,543,121
Common stock, shares outstanding	5,775,528,159	4,713,543,121
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	5,750,000	3,000,000
Preferred stock, shares outstanding	5,750,000	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	5,313,815	4,463,815
Preferred stock, shares outstanding	5,313,815	4,463,815
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

Condensed Statement of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Operating revenue	$ 84,661		$ 256,863
Cost of revenues	65,286		197,506
Gross profit	19,375		59,357
Operating expenses:	359,853	48,742	1,416,071	99,274
Net loss from operations	(340,478)	(48,742)	(1,356,714)	(99,274)
Other income (expenses):
Interest expense		(21,173)	234,310	(31,724)
Loan forgiveness	11,593		11,593
Loss on investment	(288,406)		(288,406)
Impairment loss				(63,000)
Derivative liability gain (loss)	1,800,000	196,289	424,626	680,082
Debt conversion gain (loss)
Debt settlement gain (loss)			(231,930)
Other income, net
Total other income (expenses)	1,523,187	175,116	150,193	585,358
Income (loss) before income taxes	1,182,709	126,374	(1,206,521)	486,084
Net income (loss)	$ 1,182,709	$ 126,374	$ (1,206,521)	$ 486,084
Net income (loss) per share, basic and diluted	$ 0.00002	$ 0.0001	$ (0.0002)	$ 0.0002
Weighted average common equivalent share outstanding, basic and diluted	55,780,818,213	2,205,505,472	5,653,234,527	2,129,408,183

XML

Condensed Statement of Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Preferred Stock Class A [Member]	Preferred Stock Class B [Member]	Preferred Stock Class C [Member]	Common Stock Issuable [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2019	$ 3,800,405	$ 300	$ 40	$ 100	$ 125,000	$ 858,218	$ (6,025,926)	$ (1,241,863)
Beginning balance, shares at Dec. 31, 2019	1,777,198,805	3,000,000	400,000	1,000,000
Conversion of convertible debt	$ 22,582							22,582
Conversion of convertible debt, shares	428,306,667
Warrents						5,781		5,781
Net income							359,710	359,710
Ending balance, value at Mar. 31, 2020	$ 3,822,987	$ 300	$ 40	$ 100	125,000	863,999	(5,666,216)	(853,790)
Ending balance, shares at Mar. 31, 2020	2,205,505,472	3,000,000	400,000	1,000,000
Warrents						5,781		5,781
Net income							486,084	486,084
Ending balance, value at Jun. 30, 2020	$ 3,822,987	$ 300	$ 40	$ 100	125,000	869,780	(5,180,132)	(361,925)
Ending balance, shares at Jun. 30, 2020	2,205,505,472	3,000,000	400,000	1,000,000
Beginning balance, value at Dec. 31, 2020	$ 4,232,960	$ 300	$ 446	$ 100	125,000	3,139,400	(7,662,645)	(164,439)
Beginning balance, shares at Dec. 31, 2020	4,713,543,121	3,000,000	4,463,815	1,000,000
Conversion of convertible debt	$ 563,643							563,643
Conversion of convertible debt, shares	905,435,038
Warrents						194,000		194,000
Stock issued for compensation	$ 99,640							99,640
Stock issued for compensation, shares	6,550,000
Stock issued for loan cost	$ 20,000							20,000
Stock issued for loan cost, shares	10,000,000
Purchase common shares	$ 250,000							250,000
Purchase common share, shares	65,000,000
Purchase Preferred A shares		$ 275				274,725		275,000
Purchase Preferred A shares, shares		2,750,000
Stock issued for compensation			$ 30			123,970		124,000
Stock issued for compensation, shares			300,000
Options to purchase business			$ 17			38,483		38,500
Options to purchase business, shares			175,000
Purchase assets			$ 38			924,962		925,000
Purchase assets, shares			375,000
Net income							(2,389,230)	(2,389,230)
Ending balance, value at Mar. 31, 2021	$ 5,166,243	$ 575	$ 531	$ 100	125,000	4,695,540	(10,051,875)	(63,886)
Ending balance, shares at Mar. 31, 2021	5,700,528,159	5,750,000	5,313,815	1,000,000
Purchase common shares	$ 176,000							176,000
Purchase common share, shares	75,000,000
Net income							1,182,709	1,182,709
Ending balance, value at Jun. 30, 2021	$ 5,342,243	$ 575	$ 531	$ 100	$ 125,000	$ 4,695,540	$ (8,869,166)	$ 1,294,823
Ending balance, shares at Jun. 30, 2021	5,775,528,159	5,750,000	5,313,815	1,000,000

XML

Condensed Statement of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows provided by (used for) operating activities:
Net income (loss)	$ (1,206,521)	$ 486,084
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
Amortization of debt discount
Debt settlement (income) loss
Issuance of common stock for services	241,500	11,562
Derivative liability adjustment	331,539	(680,082)
Loan forgiveness	(11,593)
Loss on investment		63,000
Increase (decrease) in assets and liabilities:
Accounts receivable	(39,062)
Accounts payable	(221)	5,000
Inventory	(231,614)
Prepaid expenses	(130,013)
Customer deposits	127,158
Accrued expenses		102,817
Tax payable
Net cash used for operating activities	(918,827)	(11,619)
Cash flows provided by (used for) Financing activities
Proceeds from non-related loans	188,834
Payment of loan receivable	(25,000)
Proceeds from sale of common stock	500,000
Proceeds from sale Preferred A shares	275,000
Proceeds from CARES Act loan		11,593
Net cash provided by (used for) financing activities	938,834	11,593
Net (decrease increase in cash	20,007	(26)
Cash, beginning of period	12,069	63
Cash, end of period	32,076	37
Supplemental disclosure of cash flow information
Amortization of deferred finance cost from non-cash transaction
Common stock issued for debt	563,643	28,819
Debt discount from convertible loan		40,500
Reclassification of derivative liability		39,852
Interest paid

XML

BASIS OF PRESENTATION AND ORGANIZATION

6 Months Ended

Jun. 30, 2021

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 February 27, 1990 in the state of California as a blank check company named “K7 Capital Corporation”. On or around the year 2000, the Company restructured to seek acquisition candidates. 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, new management dissolved the Company’s Nevada subsidiary as the electric vehicle strategy had failed. Meanwhile, the Company incubated an internet business targeting the Cannabis market and pursued various ventures in the internet, communications, and technology markets. The Company purchased Purge Virus, LLC to enter the viral disinfection technology market on October 19, 2020, closed lighting and energy management asset purchases of Independence LED Lighting, LLC and Energy Intelligence Center, LLC during the first three months of 2021, and has since announced letters of intent and definitive agreements to acquire additional technology and services businesses. The Company also owns an equity interest in Himalaya Technologies, owner and operator of an early-stage social media business called “Kanab Club” targeting the cannabis sector.

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. 2050 Motors, Inc. Nevada was subsequently dissolved.

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, on May 7, 2021, FINRA issued a name change and ticker change to “FOMO CORP.” and applied the ticker “FOMC”.

On February 12, 2021, we purchased the assets of Independence LED Lighting, LLC (a Pennsylvania LLC). The assets were subsequently placed into a newly formed subsidiary, Energy Intelligence Center LLC (a Wyoming LLC).

On March 6, 2021, we purchased the assets of Energy Intelligence Center, LLC (a Pennsylvania LLC). The assets were subsequently placed into a newly formed subsidiary, Energy Intelligence Center LLC (a Wyoming LLC).

As of June 30, 2021, the Company was current with its financials.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2021

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., Purge Virus, LLC and Energy Intelligence Center LLC. All material intercompany balances and transactions have been eliminated in consolidation.

Cash

Cash consists of deposits in one large national bank. On June 30, 2021 and December 31, 2020, respectively, the Company had $32,076 and $12,069 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 June 30, 2021:

	Total		Level 1		Level 2	Level 4
Assets
Investments		254,594		254,594
Total assets measured at fair value
Liabilities
Derivative liability		592,359					592,359
Total liabilities measured at fair value

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

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, 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
Balance as of December 31, 2020	$	834,230
Fair value of derivative liabilities		1,135,503
Loss on conversion		(1,375,374	)
Gain on change in derivative liabilities		0
Balance as of June 20, 2021	$	592,359

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 June 30, 2021 and December 31, 2020, the Company had not taken any significant uncertain tax positions on its tax returns for the period ended December 31, 2020 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, filed federal and state taxes in California, Illinois and Pennsylvania as required and brought the Company current in all regards in 2021.

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 June 30, 2021 and December 31, 2020 was $4,464 and zero, respectively.

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

6 Months Ended

Jun. 30, 2021

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 ($8,869,166) as of June 30, 2021. The Company also had negative working capital of ($732,426) on June 30, 2021, and had operating losses of ($1,356,714) for the six months ended June 30, 2021 and (1,636,719) for the year ended December 31, 2020, 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

6 Months Ended

Jun. 30, 2021

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 March 31, 2021 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.

On February 12, 2021, we purchased 100.0% of the assets, including inventory, customer lists, GSA schedule, intellectual property and other of Independence LED Lighting, LLC for two hundred fifty thousand (250,000) Series B Preferred shares. Based on market prices at closing, the transaction was valued at two and one half million dollars ($2,500,000), but for accounting purposes we wrote the purchase price down to $242,500.

On March 6, 2021, we purchased 100.0% of the assets, including inventory, customer lists, GSA schedule, intellectual property and other of Energy Intelligence Center, LLC for one hundred twenty five thousand (125,000) Series B Preferred shares. Based on market prices at closing, the transaction was valued at one million two hundred fifty thousand ($1,250,000), but for accounting purposes we wrote the purchase price down to $825,000.

On May 18 2021, FOMO CORP. (“FOMO”) incorporated FOMO ADVISORS LLC, a Wyoming limited liability company, as a wholly owned public/private merchant banking subsidiary. FOMO ADVISORS LLC intends to assist private companies in accessing the capital markets through “pass through” investments that allow investors to gain liquidity from FOMO stock while benefiting from direct exposure to private company growth through derivative instruments or other rights. The subsidiary is engaging with strategic targets to introduce them to its network of financial and strategic contacts, provide them management consulting, and create a portfolio of technology investments for future incubation, capital formation, and wealth creation. An outline of FOMO’s plans is attached herein as Exhibit 10.1. The Company is currently evaluating its corporate development pipeline and has identified a number of candidates for this capital formation model, though there can be no assurances.

On July 31, 2021, we sold our 50.0% interest in KANAB CORP. (one million shares) to Himalaya Technologies, Inc. a/k/a Homeland Resources Ltd. (OTC: HMLA) for one hundred fifty thousand (150,000) Series B Preferred shares of the buyer, convertible into one hundred fifty million (150,000,000) common shares). Our CEO, Vikram Grover, is also CEO of Himalaya Technologies, Inc.

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LOANS PAYABLE DUE TO RELATED PARTIES

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

LOANS PAYABLE DUE TO RELATED PARTIES

Note 5 – LOANS PAYABLE DUE TO RELATED PARTIES

As of June 30, 2021, the Company subsidiary’s chief executive officer had an outstanding balance of $1,294. The loan is non-interest bearing and due on demand.

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CONVERTIBLE NOTE PAYABLES

6 Months Ended

Jun. 30, 2021

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 June 30, 2021, the Company had the following third-party convertible notes outstanding:

	Lender	Origination		Maturity		Amount		Interest
Note	GS Capital		01/20/21		01/20/22		205,000		10.0	%
Note	PowerUp Lending		04/08/21		04/08/22		103,500		12.0	%
Note	PowerUp Lending		05/10/21		05/10/22		53,750		12.0	%
Note	GS Capital		06/25/21		06/25/22		65,000		10.0	%
Total						$	427,250
less discount							12,230
Net						$	415,020

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.

During the six months ended June 30, 2021, third-party lenders converted $563,643 of principal, interest and penalties into 905,435,038 shares of common stock. There were no conversions of third-party debt during the three months ended June 30, 2021.

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

	June 30, 2021	December 31, 2020
●	Volatility: 253% - 466%	Volatility: 253% - 466%
●	Risk free rate of return: 1.24%- 1.53%	Risk free rate of return: 1.24% - 1.53%
●	Expected term: 1-3 years	Expected term: 1-3 years

The Company amortized a debt discount of $0 and $63,350 respectively, during the six months ended June 30, 2021 and year ended December 31, 2020, respectively.

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.

On January 20, 2021, a third-party lender funded the Company $205,000 in a 10% convertible debenture due January 20, 2022. The transaction netted the Company $180,000 after a $20,000 original issue discount and $5,000 in legal fees.

On April 8, 2021, a third-party lender funded the Company $103,500 in a 12% convertible debenture due April 8, 2022. The transaction netted the Company $100,000 after $3,500 legal and due diligence fees.

On May 10, 2021, a third-party lender funded the Company $53,750 in a 12% convertible debenture due May 10, 2022. The transaction netted the Company $50,000 after $3,750 legal and due diligence fees.

On June 25, 2021, a third-party lender funded the Company $65,000 in a 10% convertible debenture due June 25, 2022. The transaction netted the Company $60,000 after a $2,000 original issue discount and $3,000 in legal fees.

During the three months ended March 31, 2021 third-party lenders converted $563,643 of principle, interest and penalties into 905,435,038 shares of no-par common stock. During the three months ended June 30, 2021, there were no conversions of third-party debt into common shares.

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Note 7 – COMMITMENTS AND CONTINGENCIES

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. There is no litigation outstanding as of June 30, 2021.

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INCOME TAXES

6 Months Ended

Jun. 30, 2021

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 March 31, 2021 and December 31, 2020 will not be fully realizable. The Company is current with franchise tax board fees due to the State of California and in 2021 filed tax statements for the federal and state requirements (California, Illinois, Pennsylvania) for 2018 – 2019 - 2020. Today, the Company is current with its federal and state tax filings.

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WARRANTS AND OPTIONS

6 Months Ended

Jun. 30, 2021

Warrants And Options

WARRANTS AND OPTIONS

Note 9 – WARRANTS AND OPTIONS

As of December 31, 2019, the Company had 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 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.

On March 4, 2021, we issued Dilip Limaye 20,000,000 warrants with a strike price of $0.01 and a three-year expiration as compensation for joining our Advisory Board.

On March 20, 2021 the Company issued 100,000,000 warrants with a strike price of $0.01 and a five-year expiration to Online Energy Manager as consideration for a software license.

On March 31, 2021 The Company issued 50,000,000 warrants with a strike price of $0.01and an three-year expiration to Energy Intelligence as consideration on the asset purchase.

On May 12, 2021, we issued John Conklin 20,000,000 warrants with a strike price of $0.01 and a three-year expiration as compensation for joining our Advisory Board.

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EQUITY

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

EQUITY

Note 10 – EQUITY

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.

On January 1, 2021, the Company issued a consultant 25,000 Series B Preferred shares for services.

On January 6, 2021, the Company issued 175,000 Series B Preferred shares as a non-refundable deposit to purchase SmartGuard.

On January 6, 2021, the Company issued 175,000 Series B Preferred shares as a refundable deposit to purchase SmartGuard.

On January 21, 2021 the Company issued a third-party lender 10,000,000 shares of no-par common stock for loan cost.

On February 11, 2021, the Company issued 100,000 Series B Preferred shares as a non-refundable deposit to purchase PVBJ.

On February 24, 2021, the Company issued 250,000 Series B Preferred shares to purchase assets of Independence LED Lighting LLC.

On February 27, 2021, the Company issued a consultant 300,000 shares of no-par common stock for investor relations services.

During February 2021 the Company sold 2,750,000 Series A Preferred shares for $275,000.

On March 1, 2021, the Company issued a consultant 6,250,000 shares of no-par common stock for consulting services.

On March 20, 2021, the Company issued 125,000 Series B Preferred shares to purchase the assets of Energy Intelligence Center LLC.

On March 31, 2021, the Company sold 65,000,000 commitment and initial shares of common stock for $250,000 as part of an equity line of credit program with an institutional investor.

During the three months ended March 31, 2021 third-party lenders converted $563,643 of principle, interest and penalties into 905,435,038 shares of no-par common stock

On April 9, 2021, the Company issued a consultant 6,250,000 shares of no-par common stock for consulting services.

Business Development and Related

On October 2, 2020, we issued the 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. The option was subsequently canceled.

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. The joint venture partnership with PPESI was subsequently canceled.

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. The SBA forgave this loan subsequent to quarter end.

On June 22, 2021, Himalaya Technologies, Inc. a/k/a Homeland Resources Ltd. (OTC: HMLA) retained our merchant banking subsidiary FOMO ADVISORS LLC to advise on its restructuring and merger and acquisition activities. As part of the program, Himalaya Technologies issued us 50,000,000 common stock purchase warrants with a $0.0001 exercise price and a five-year expiration.

On June 28, 2021, Himalaya Technologies, Inc. issued us 50,000,000 common stock purchase warrants with a $0.0001 exercise price and a five-year expiration as a non-refundable deposit for the purchase of our stake in KANAB CORP., owner and operator of a cannabis social network.

During June 2021, we entered into a Master Note with Himalaya Technologies, Inc. for up to $25,000.00 with an annual interest rate of 20.0% and a maturity date of December 25, 2021. As of June 30, 2021, a total of $25,000.00 has been funded under the program.

Warrants

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

On November 3, 2020, the Company issued 10,000,000 warrants to a consultant 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 a former Advisory Board member who 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.

On March 20, 2021 the Company issued 100,000,000 warrants with a strike price of $0.01 and a five-year expiration to Online Energy Manager for a software license.

On March 31, 2021 The Company issued 50,000,000 warrants with a strike price of $0.01and an three-year expiration to Energy Intelligence as additional price on asset purchase.

On April 9, 2021, the Company issued a consultant 6,250,000 shares of no-par common shares for consulting services.

On April 24, 2021, the Company issued 2,300 Series B Preferred shares for consulting services.

On April 20, 2021, the Company issued 25,000 Series B Preferred shares for consulting services relating to Kanab Corp.

On April 8, 2021, a third-party lender funded the Company $103,500 in a 22% convertible debenture due April 8, 2022. The transaction netted the Company $100,000 after $3,500 loan fees.

On April 16, 2021, the Company extended the LOI’s to purchase Ecolite and PPE Source International LLC until July 1, 2021

On or around April 14, 2021, the Company signed an agreement to purchase 100% interest in Lux Solutions, LLC for $5,000,000 in Series B Preferred shares, cash and seller notes. The Agreement has subsequently been extended due to market conditions.

On or around April 14, 2021, the Company signed an agreement to purchase 100% interest in Led IV Funding, LLC for $7,000,000 in Series B Preferred shares, cash and seller notes. The Agreement has subsequently been extended due to market conditions.

On May 10, 2021, a third-party lender funded the Company $53,750 in a 12% convertible debenture due May 10, 2022. The transaction netted the Company $50,000 after $3,750 fees.

On June 25, 2021, a third-party lender funded the Company $65,000 in a 10% convertible debenture due June 25, 2022. The transaction netted the Company $60,000 after a $2,000 original issue discount and $3,000 in legal fees.

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Note 11--SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Note 11--SUBSEQUENT EVENTS

Note 11--SUBSEQUENT EVENTS

On July 14, 2021, a Form S-1 was declared effective by the SEC registering two billion common shares underlying one billion five hundred million shares of common stock priced at $0.02 and five hundred million common stock purchase warrants with a $0.04 exercise price and a three-year expiration. A sole investor Tysadco Partners LLC was listed in the filing.

On July 15, 2021, we appointed Shamira Jaffer, a businesswoman with substantial technology experience in automated retail, advertising and technology, to our Advisory Board. We issued Ms. Jaffer 20,000,000 common stock purchase warrants with an exercise price of $0.002 and a three-year expiration.

On July 22, 2021, we appointed Senator Gerald Dial, former Alabama State Senator, former Chair of the Senate Health Committee and current Advisory Board member to our partner Safely Opening Schools, to our Advisory Board. We issued Senator Dial 20,000,000 common stock purchase warrants with an exercise price of $0.002 and a three-year expiration.

On July 2021, we issued 7,500,000 common shares to a public relations consultant for services rendered.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2021

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., Purge Virus, LLC and Energy Intelligence Center LLC. All material intercompany balances and transactions have been eliminated in consolidation.

Cash

Cash

Cash consists of deposits in one large national bank. On June 30, 2021 and December 31, 2020, respectively, the Company had $32,076 and $12,069 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 June 30, 2021:

	Total		Level 1		Level 2	Level 4
Assets
Investments		254,594		254,594
Total assets measured at fair value
Liabilities
Derivative liability		592,359					592,359
Total liabilities measured at fair value

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

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, 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
Balance as of December 31, 2020	$	834,230
Fair value of derivative liabilities		1,135,503
Loss on conversion		(1,375,374	)
Gain on change in derivative liabilities		0
Balance as of June 20, 2021	$	592,359

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.

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 June 30, 2021 and December 31, 2020, the Company had not taken any significant uncertain tax positions on its tax returns for the period ended December 31, 2020 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, filed federal and state taxes in California, Illinois and Pennsylvania as required and brought the Company current in all regards in 2021.

Concentration of Credit Risk

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

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 June 30, 2021 and December 31, 2020 was $4,464 and zero, respectively.

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)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES

Assets and liabilities measured at fair value are as follows as of June 30, 2021:

	Total		Level 1		Level 2	Level 4
Assets
Investments		254,594		254,594
Total assets measured at fair value
Liabilities
Derivative liability		592,359					592,359
Total liabilities measured at fair value

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

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, 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
Balance as of December 31, 2020	$	834,230
Fair value of derivative liabilities		1,135,503
Loss on conversion		(1,375,374	)
Gain on change in derivative liabilities		0
Balance as of June 20, 2021	$	592,359

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CONVERTIBLE NOTE PAYABLES (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

SCHEDULE OF CONVETIBLE NOTES OUTSTANDING

	Lender	Origination		Maturity		Amount		Interest
Note	GS Capital		01/20/21		01/20/22		205,000		10.0	%
Note	PowerUp Lending		04/08/21		04/08/22		103,500		12.0	%
Note	PowerUp Lending		05/10/21		05/10/22		53,750		12.0	%
Note	GS Capital		06/25/21		06/25/22		65,000		10.0	%
Total						$	427,250
less discount							12,230
Net						$	415,020

SCHEDULE OF FAIR VALUE ASSUMPTION

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

	June 30, 2021	December 31, 2020
●	Volatility: 253% - 466%	Volatility: 253% - 466%
●	Risk free rate of return: 1.24%- 1.53%	Risk free rate of return: 1.24% - 1.53%
●	Expected term: 1-3 years	Expected term: 1-3 years

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BASIS OF PRESENTATION AND ORGANIZATION (Details Narrative) - USD ($)	Dec. 31, 2020	Mar. 06, 2019
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Number of warrants issued	328,571,428
Vikram Grover [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Officer's compensation		$ 12,500
Compensation payable in cash	$ 7,500	$ 5,000
Officer's compensation payable	$ 5,000
Number of warrants issued	200,000,000	100,000,000
Exercise price of warrants	$ 0.001	$ 0.001
Warrants expiration, term	3 years	3 years
Shares Issued, Price Per Share		$ 0.01

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SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	$ 254,594	$ 168,000
Total liabilities measured at fair value	592,359	834,230
Total assets measured at fair value		168,000
Derivative liability		834,230
Fair Value, Inputs, Level 1 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	254,594	168,000
Total assets measured at fair value		168,000
Fair Value, Inputs, Level 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total liabilities measured at fair value	$ 592,359	834,230
Derivative liability		$ 834,230

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SCHEDULE OF RECONCILIATION OF DERIVATIVE LIABILITY (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Balance, beginning	$ 834,230	$ 893,171
Fair value of derivative liabilities	1,135,503	266,068
Loss on conversion	(1,375,374)	(483,793)
Gain on change in derivative liabilities	0	158,784
Balance, ending	$ 592,359	$ 834,230

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash	$ 32,076	$ 12,069
Allowance for doubtful accounts	$ 4,464	$ 0

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GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 8,869,166		$ 8,869,166		$ 7,662,645
Working capital	732,426		732,426
Operating loss	$ 340,478	$ 48,742	$ 1,356,714	$ 99,274	$ 1,636,719

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INVESTMENTS (Details Narrative) - USD ($)									3 Months Ended			12 Months Ended
	Jul. 31, 2021	May 06, 2021	Apr. 24, 2021	Apr. 20, 2021	Mar. 06, 2021	Feb. 24, 2021	Feb. 12, 2021	Oct. 19, 2020	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Jul. 31, 2020
Affiliate, Collateralized Security [Line Items]
Acquisition of goodwill									$ 596,906				$ 596,906
Stock Issued During Period, Value, Purchase of Assets										$ 925,000
Common Stock [Member]
Affiliate, Collateralized Security [Line Items]
Number of shares issued									75,000,000	65,000,000
Stock Issued During Period, Shares, Purchase of Assets
Stock Issued During Period, Value, Purchase of Assets
Stock Issued During Period, Shares, Conversion of Convertible Securities										905,435,038	428,306,667
Mobicard Inc [Member]
Affiliate, Collateralized Security [Line Items]
Number of shares exchanged												210,000,000
Share price										$ 0.0008		$ 0.0023
Investment amount										$ 168,000		$ 483,000
Kanab Corp [Member]
Affiliate, Collateralized Security [Line Items]
Share price												$ 0.0001
Number of shares received for services												1,000,000
Ownership interest percentage														50.00%
Kanab Corp [Member] | Common Stock [Member]
Affiliate, Collateralized Security [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	150,000,000
Purge Virus LLC [Member]
Affiliate, Collateralized Security [Line Items]
Ownership interest percentage								100.00%
Independence LED Lighting LLC [Member]
Affiliate, Collateralized Security [Line Items]
Asset purchased percentage							100.00%
Energy Intelligencer Center LLC [Member]
Affiliate, Collateralized Security [Line Items]
Asset purchased percentage					100.00%
Preferred Class B [Member]
Affiliate, Collateralized Security [Line Items]
Number of shares issued												400,000
Series B Preferred Stock [Member]
Affiliate, Collateralized Security [Line Items]
Number of shares issued			2,300
Series B Preferred Stock [Member] | Purge Virus LLC [Member]
Affiliate, Collateralized Security [Line Items]
Number of shares issued for consideration								2,000,000
Number of shares issued for consideration, value								$ 800,000
Series B Preferred Stock [Member] | Kanab Corp [Member]
Affiliate, Collateralized Security [Line Items]
Number of shares issued				25,000
Stock Issued During Period, Shares, Conversion of Convertible Securities	150,000
Series B Preferred Stock [Member] | Purge Virus LLC [Member]
Affiliate, Collateralized Security [Line Items]
Acquisition of intangible assets								225,000
Acquisition of goodwill								$ 596,906
Series B Preferred Stock [Member] | Purge Virus LLC [Member] | Minimum [Member]
Affiliate, Collateralized Security [Line Items]
Acquisition of intangible assets useful lives								3 years
Series B Preferred Stock [Member] | Purge Virus LLC [Member] | Maximum [Member]
Affiliate, Collateralized Security [Line Items]
Acquisition of intangible assets useful lives								10 years
Series B Preferred Stock [Member] | Independence LED Lighting LLC [Member]
Affiliate, Collateralized Security [Line Items]
Number of shares issued						250,000
Stock Issued During Period, Shares, Purchase of Assets							250,000
Stock Issued During Period, Value, Purchase of Assets							$ 2,500,000
Asset Acquisition, Consideration Transferred							$ 242,500
Series B Preferred Stock [Member] | Energy Intelligencer Center LLC [Member]
Affiliate, Collateralized Security [Line Items]
Stock Issued During Period, Shares, Purchase of Assets		125,000
Series B Preferred Stock [Member] | Energy Intelligencer Center LLC [Member] | Fomo Corp [Member]
Affiliate, Collateralized Security [Line Items]
Stock Issued During Period, Value, Purchase of Assets					$ 1,250,000
Asset Acquisition, Consideration Transferred					$ 825,000

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LOANS PAYABLE DUE TO RELATED PARTIES (Details Narrative)	Jun. 30, 2021 USD ($)
Debt Disclosure [Abstract]
Loans Payable	$ 1,294

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SCHEDULE OF CONVETIBLE NOTES OUTSTANDING (Details) - USD ($)		6 Months Ended
	May 10, 2021	Jun. 30, 2021
Short-term Debt [Line Items]
Maturity	May 10, 2022
Net		$ 415,020
Total		427,250
less discount		$ 12,230
Convertible Notes Payable [Member]
Short-term Debt [Line Items]
[custom:DescriptionOnLenderName]		GS Capital
Debt Instrument, Interest Rate, Stated Percentage		10.00%
Origination Date		Jan. 20, 2021
Maturity		Jan. 20, 2022
Net		$ 205,000
Convertible Notes Payable One [Member]
Short-term Debt [Line Items]
[custom:DescriptionOnLenderName]		PowerUp Lending
Debt Instrument, Interest Rate, Stated Percentage		12.00%
Origination Date		Apr. 08, 2021
Maturity		Apr. 08, 2022
Net		$ 103,500
Convertible Notes Payable Two [Member]
Short-term Debt [Line Items]
[custom:DescriptionOnLenderName]		PowerUp Lending
Debt Instrument, Interest Rate, Stated Percentage		12.00%
Origination Date		May 10, 2021
Maturity		May 10, 2022
Net		$ 53,750
Convertible Notes Payable Three [Member]
Short-term Debt [Line Items]
[custom:DescriptionOnLenderName]		GS Capital
Debt Instrument, Interest Rate, Stated Percentage		10.00%
Origination Date		Jun. 25, 2021
Maturity		Jun. 25, 2022
Net		$ 65,000

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SCHEDULE OF FAIR VALUE ASSUMPTION (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Minimum [Member]
Debt Instrument [Line Items]
Expected term	1 year	1 year
Maximum [Member]
Debt Instrument [Line Items]
Expected term	3 years	3 years
Measurement Input, Price Volatility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Fair value assumptions, measurement input, percentage	253	253
Measurement Input, Price Volatility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Fair value assumptions, measurement input, percentage	466	466
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Fair value assumptions, measurement input, percentage	1.24	1.24
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Fair value assumptions, measurement input, percentage	1.53	1.53

XML

CONVERTIBLE NOTE PAYABLES (Details Narrative) - USD ($)																		1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 25, 2021	May 10, 2021	Apr. 08, 2021	Jan. 20, 2021	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	Feb. 18, 2020	Feb. 05, 2020	Feb. 03, 2020	Jan. 08, 2020	Oct. 08, 2020	Sep. 30, 2020	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Aug. 31, 2020	Aug. 27, 2020
Debt Instrument [Line Items]
Debt instrument, maturity date		May 10, 2022
Convertible Notes Payable [Member]
Debt Instrument [Line Items]
Debt instrument interest rate																					10.00%
Amortized of debt discount																					$ 0	$ 63,350
Debt instrument, maturity date																					Jan. 20, 2022
Third Parties [Member]
Debt Instrument [Line Items]
Debt instrument interest rate																					22.00%
Debt conversion shares issued, value																				$ 563,643	$ 563,643	$ 809,292
Debt conversion shares issued																				905,435,038	905,435,038	2,936,347,316
Third Parties [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument interest rate																					10.00%
Third Parties [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument interest rate																					12.00%
Third Party Lender [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	10.00%	12.00%	22.00%	10.00%				12.00%	12.00%
Debt conversion shares issued, value					$ 12,000.00		$ 10,944.39							$ 7,000.00	$ 4,682.00	$ 5,600.00	$ 5,300.00			$ 563,643		$ 761,456
Debt conversion shares issued					25,000,000	222,838,600				202,159,667	188,792,200	135,187,800	112,318,333	116,666,667	93,640,000	112,000,000	106,000,000	611,005,229	179,819,200	905,435,038		2,936,347,316
Amortized of debt discount	$ 2,000			$ 20,000				$ 15,000.00	$ 10,000.00
Debt instrument, face amount	$ 65,000	$ 53,750	$ 103,500	$ 205,000				$ 115,000.00	115,000.00		$ 21,239.12	$ 5,069.54	$ 57.96					$ 21,239.12	$ 20,229.66				$ 2,950.00	$ 6,100.00
Debt instrument, maturity date	Jun. 25, 2022	May 10, 2022	Apr. 08, 2022	Jan. 20, 2022				Oct. 28, 2021
Proceeds from convertible debt	$ 60,000	$ 50,000	$ 100,000	$ 180,000				$ 98,000.00	98,000.00
Placement agent and loan fees	$ 3,000	$ 3,750	$ 3,500	$ 5,000				$ 2,000.00	$ 5,000.00
Third Party Lender [Member] | Convertible Debentures [Member]
Debt Instrument [Line Items]
Debt instrument interest rate			12.00%

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WARRANTS AND OPTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	May 12, 2021	Mar. 31, 2021	Mar. 20, 2021	Mar. 04, 2021	Oct. 28, 2020	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
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 13 days
Warrant intrinsic value	$ 844,754
EDGE FiberNet, Inc. [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Number of common stock purchase warrants shares							10,000,000
Warrant strike price per share							$ 0.005
Warrants term							3 years
Online Energy Manager [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Number of common stock purchase warrants shares				100,000,000
Warrant strike price per share				$ 0.01
Warrants term				5 years
Energy Intelligence [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Number of common stock purchase warrants shares			50,000,000
Warrant strike price per share			$ 0.01
Warrants term			3 years
Three Members Advisory Board [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Number of common stock purchase warrants shares							50,000,000
Warrant strike price per share							$ 0.001
Warrants term							3 years
Third-Party Lender [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Number of common stock purchase warrants shares	328,571,428					328,571,428
Warrant strike price per share						$ 0.0007
Warrants term						5 years
Dilip Limaye [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Number of common stock purchase warrants shares					20,000,000
Warrant strike price per share					$ 0.01
Warrants term					3 years
John Conklin [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Number of common stock purchase warrants shares		20,000,000
Warrant strike price per share		$ 0.01
Warrants term		3 years

XML

EQUITY (Details Narrative) - USD ($)																																													1 Months Ended			3 Months Ended		10 Months Ended	12 Months Ended
	Dec. 25, 2021	Jul. 31, 2021	Jul. 02, 2021	Jun. 25, 2021	Jun. 02, 2021	May 10, 2021	Apr. 24, 2021	Apr. 20, 2021	Apr. 14, 2021	Apr. 09, 2021	Apr. 08, 2021	Mar. 31, 2021	Mar. 20, 2021	Mar. 02, 2021	Feb. 27, 2021	Feb. 24, 2021	Feb. 11, 2021	Feb. 02, 2021	Jan. 21, 2021	Jan. 20, 2021	Dec. 30, 2020	Dec. 02, 2020	Dec. 02, 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. 27, 2020	Aug. 26, 2020	Feb. 18, 2020	Feb. 05, 2020	Feb. 03, 2020	Jan. 08, 2020	Nov. 01, 2019	Nov. 30, 2020	Oct. 08, 2020	Sep. 30, 2020	Jun. 30, 2021	Mar. 31, 2021	Oct. 23, 2020	Dec. 31, 2020	Jul. 15, 2021	Jul. 14, 2021	Jun. 28, 2021	Jun. 22, 2021	Jan. 06, 2021	Jan. 02, 2021	Dec. 07, 2020	Nov. 03, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 04, 2020	Mar. 06, 2019
Class of Stock [Line Items]
Annual dividend in cash or in kind																															$ 0.0035
Preferred stock voting rights																															1-50 conversion ratio and to vote on an as converted basis
Number of common stock purchase warrants shares																																																			328,571,428
Number of shares issued, value																																																$ 176,000	$ 250,000
Debt instrument maturity date						May 10, 2022
Online Energy Manager LLC [Member]
Class of Stock [Line Items]
Number of common stock purchase warrants shares													100,000,000
Warrant strike price per share													$ 0.01
Warrants term													5 years
Subsequent Event [Member]
Class of Stock [Line Items]
Number of common stock purchase warrants shares																																																					500,000,000
Warrant strike price per share																																																					$ 0.04
Warrants term																																																				3 years
Himalaya Technologies [Member]
Class of Stock [Line Items]
Number of common stock purchase warrants shares																																																						50,000,000	50,000,000
Warrant strike price per share																																																						$ 0.0001	$ 0.0001
Warrants term																																																						5 years	5 years
Energy Intelligence Center LLC [Member]
Class of Stock [Line Items]
Number of common stock purchase warrants shares												50,000,000																																					50,000,000
Warrant strike price per share												$ 0.01																																					$ 0.01
Warrants term												3 years																																					3 years
Paycheck Protection Program [Member]
Class of Stock [Line Items]
Note payable																																																														$ 11,593
Line of Credit [Member]
Class of Stock [Line Items]
Number of shares issued												65,000,000
Number of shares issued, value												$ 250,000
Auctus Fund, LLC [Member]
Class of Stock [Line Items]
Interest and penalties																																												$ 283,000.00
Number of shares issued for settlement of debt																						264,680,378
Purge Virus LLC [Member]
Class of Stock [Line Items]
Warrants vested value																																																			$ 500,000
[custom:CumulativeDisinfectionSale-0]																																																			$ 1,000,000
Ownership percentage																														100.00%
Himalaya Technologies Inc [Member]
Class of Stock [Line Items]
Debt interest					$ 25,000.00
Debt instrument interest rate																																																20.00%
Himalaya Technologies [Member]
Class of Stock [Line Items]
Debt instrument face amount																																																$ 25,000.00
Himalaya Technologies [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Debt instrument maturity date	Dec. 25, 2021
AGILE Technologies Group, LLC [Member]
Class of Stock [Line Items]
Number of common stock purchase warrants shares																																																			100,000,000
Warrant strike price per share																																																			$ 0.001
Kanab Corp [Member]
Class of Stock [Line Items]
Ownership percentage																																																													50.00%
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Number of shares issued							2,300
Preferred stock, shares issued																																																			25,000						25,000
Series B Preferred Stock [Member] | Smart Guard [Member]
Class of Stock [Line Items]
Preferred stock, shares issued																																																								175,000
Number of common stock purchase warrants shares																																																								175,000
Series B Preferred Stock [Member] | PVBJ [Member]
Class of Stock [Line Items]
Number of shares issued																	100,000
Series B Preferred Stock [Member] | Independence LED Lighting LLC [Member]
Class of Stock [Line Items]
Number of shares issued																250,000
Series B Preferred Stock [Member] | Energy Intelligence Center LLC [Member]
Class of Stock [Line Items]
Number of shares issued													125,000
Series B Preferred Stock [Member] | Kanab Corp [Member]
Class of Stock [Line Items]
Number of shares issued								25,000
Number of shares issued for settlement of debt		150,000
Series B Preferred Stock [Member] | Lux Solutions LLC [Member]
Class of Stock [Line Items]
Ownership percentage									100.00%
Payments to acquire business gross									$ 5,000,000
Series B Preferred Stock [Member] | Led IV Funding LLC [Member]
Class of Stock [Line Items]
Ownership percentage									100.00%
Payments to acquire business gross									$ 7,000,000
Restricted Series B Preferred Shares [Member]
Class of Stock [Line Items]
Number of shares issued																																																		275,000
Restricted Series B Preferred Shares [Member] | Source International LLC [Member]
Class of Stock [Line Items]
Ownership percentage description																																		we issued the 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.
Restricted Series B Preferred Shares [Member] | Purge Virus LLC [Member]
Class of Stock [Line Items]
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.
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Number of shares issued																		2,750,000
Number of shares issued, value																		$ 275,000
Third Party Lender [Member]
Class of Stock [Line Items]
Debt conversion shares issued																					25,000,000		222,838,600						202,159,667				188,792,200		135,187,800	112,318,333				116,666,667	93,640,000	112,000,000	106,000,000			611,005,229	179,819,200		905,435,038		2,936,347,316
Debt conversion shares issued, value																					$ 12,000.00				$ 10,944.39															$ 7,000.00	$ 4,682.00	$ 5,600.00	$ 5,300.00						$ 563,643		$ 761,456
Debt instrument face amount				$ 65,000		$ 53,750					$ 103,500									$ 205,000						$ 115,000.00	$ 115,000.00						$ 21,239.12		$ 5,069.54	$ 57.96		$ 6,100.00								$ 21,239.12	$ 20,229.66													$ 2,950.00
Debt interest																									93.60				$ 86.40				$ 7,079.71		$ 1,689.85	2,811.59		$ 947.93									$ 6,743.22
Debt instrument, fee amount				3,000		3,750					3,500																									$ 500.00																								$ 500.00
Conversion of warrants																																														$ 25,000.00
Interest and penalties																							$ 55,709.65		$ 20,799.13				$ 30,237.55
Number of shares issued																			10,000,000
Number of shares issued for settlement of debt																						264,680,378		264,680,377	212,247,469			794,041,133																	794,041,134
Proceeds from convertible debt				60,000		50,000					100,000									180,000						98,000.00	98,000.00
Amortized of debt discount				2,000																20,000						15,000.00	10,000.00
Legal fees and due diligence expenses				$ 3,000		$ 3,750					$ 3,500									$ 5,000						$ 2,000.00	5,000.00
Broker fees																											$ 2,000.00
Debt instrument interest rate				10.00%		12.00%					22.00%									10.00%						12.00%	12.00%
Debt instrument maturity date				Jun. 25, 2022		May 10, 2022					Apr. 08, 2022									Jan. 20, 2022						Oct. 28, 2021
Third Party Lender [Member] | Restricted Common Share [Member]
Class of Stock [Line Items]
Debt conversion shares issued																																						128,144,181
Vikram Grover [Member]
Class of Stock [Line Items]
Shares issued for accrued compensation, shares																																93,750
Shares issued for accrued compensation																																$ 37,500.00
Number of common stock purchase warrants shares																																																			200,000,000												100,000,000
Warrant strike price per share																																																			$ 0.001												$ 0.001
Warrants term																																																			3 years												3 years
Vikram Grover [Member] | Series B Preferred Stock [Member]
Class of Stock [Line Items]
Shares issued for accrued compensation, shares																																							125,000
Shares issued for accrued compensation																																							$ 25,000.00
Vikram Grover [Member] | Restricted Series B Preferred Shares [Member]
Class of Stock [Line Items]
Shares issued for accrued compensation, shares																																					1,370,065
Shares issued for accrued compensation																																					$ 137,065.00
Consultants [Member]
Class of Stock [Line Items]
Number of shares issued										6,250,000				6,250,000	300,000
Consultants [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Number of shares issued			7,500,000
Third-Party Lender [Member]
Class of Stock [Line Items]
Number of common stock purchase warrants shares																										328,571,428	328,571,428																								328,571,428
Warrant strike price per share																										$ 0.0007	$ 0.0007
Warrants term																										5 years	5 years
Consultant [Member]
Class of Stock [Line Items]
Number of common stock purchase warrants shares										6,250,000																																									25,000,000								10,000,000
Warrant strike price per share																																																			$ 0.001								$ 0.001
Warrants term																																																			3 years								3 years
Advisory Board [Member]
Class of Stock [Line Items]
Number of common stock purchase warrants shares																						10,000,000	10,000,000
Advisory Board [Member] | Minimum [Member]
Class of Stock [Line Items]
Preferred stock, par value																						$ 0.01	$ 0.01
Advisory Board [Member] | Maximum [Member]
Class of Stock [Line Items]
Preferred stock, par value																						$ 0.001	$ 0.001
Paul Benis [Member]
Class of Stock [Line Items]
Number of common stock purchase warrants shares																																																										20,000,000
Warrant strike price per share																																																										$ 0.001
Warrants term																																																										3 years
Roderick Martin [Member]
Class of Stock [Line Items]
Number of common stock purchase warrants shares																																																			20,000,000
Warrant strike price per share																																																			$ 0.01
Warrants term																																																			3 years

XML

Note 11--SUBSEQUENT EVENTS (Details Narrative) - $ / shares	Jul. 14, 2021	Jul. 02, 2021	Apr. 09, 2021	Mar. 02, 2021	Feb. 27, 2021	Jul. 22, 2021	Jul. 15, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Number of common stock purchase warrants shares								328,571,428
Consultants [Member]
Subsequent Event [Line Items]
Issuance of common shares			6,250,000	6,250,000	300,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Shares issued discription	On July 14, 2021, a Form S-1 was declared effective by the SEC registering two billion common shares underlying one billion five hundred million shares of common stock priced at $0.02 and five hundred million common stock purchase warrants with a $0.04 exercise price and a three-year expiration. A sole investor Tysadco Partners LLC was listed in the filing
Number of common stock purchase warrants shares	500,000,000
Shares Issued, price per share	$ 0.02
Exercise price per share	$ 0.04
Exercise term							3 years
Subsequent Event [Member] | Shamira Jaffer [Member]
Subsequent Event [Line Items]
Number of common stock purchase warrants shares							20,000,000
Exercise price per share							$ 0.002
Exercise term							3 years
Subsequent Event [Member] | Senator Gerald [Member]
Subsequent Event [Line Items]
Number of common stock purchase warrants shares						20,000,000
Exercise price per share						$ 0.002
Exercise term						3 years
Subsequent Event [Member] | Consultants [Member]
Subsequent Event [Line Items]
Issuance of common shares		7,500,000