Property and Equipment

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 5 – Property and Equipment

Property and equipment consisted of the following:

					Estimated Useful
	June 30, 2022		December 31, 2021		Lives (Years)
Leasehold Improvements	$	178,278	$	-		40
Vehicles		64,563		-		5 - 10
Furniture		19,595		-		10
Equipment		5,000		-		5
Computer		1,181		-		5
		268,617		-
Accumulated depreciation		127,991		-
Total property and equipment - net	$	140,626	$	-

FOMO CORP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2022

UNAUDITED

Depreciation expense for the three months ended June 30, 2022 and 2021, was $1,735 and $0, respectively.

Depreciation expense for the six months ended June 30, 2022 and 2021, was $2,314 and $0, respectively.

These amounts are included as a component of general and administrative expenses in the accompanying consolidated statements of operations.

In connection with the acquisition of SST on February 28, 2022, the Company acquired property and equipment with a net carrying amount of $142,940.

See Note 9.