Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 10 – Commitments and Contingencies

Right-of-Use Operating Lease

On February 28, 2022, in connection with the acquisition of SST, the Company assumed a Right-of-Use (“ROU”) operating lease for its office space. The lease is for an initial term of five (5) years at $7,000 per month. There are no stated renewal terms. There were no other ROU leases in effect prior to the acquisition of SST.

At September 30, 2022, the Company has no financing leases as defined in ASC 842, “Leases.”

The tables below present information regarding the Company’s operating lease assets and liabilities at September 30, 2023:

FOMO WORLDWIDE, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

UNAUDITED

	September 30, 2023
Assets
Operating lease - right-of-use asset - non-current	$	230,153
Liabilities
Operating lease liability	$	244,068
Weighted-average remaining lease term (years)		3.34
Weighted-average discount rate		8	%
The components of lease expense were as follows:
Operating lease costs
Amortization of right-of-use operating lease asset	$	51,784
Lease liability expense in connection with obligation repayment		14,812
Total operating lease costs	$	66,596
Supplemental cash flow information related to operating leases was as follows:
Operating cash outflows from operating lease (obligation payment)	$	47,189

Future minimum lease payments required under leases that have initial or remaining non-cancelable lease terms in excess of one year at September 30, 2023:

2023 (6 Months)	$	7,000
2024		84,000
2025		84,000
2026		84,000
2027		7,000
Total undiscounted cash flows		266,000
Less: amount representing interest		(21,932	)
Present value of operating lease liability		244,068
Less: current portion of operating lease liability		(64,836	)
Long-term operating lease liability	$	179,232

FOMO WORLDWIDE, INC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

UNAUDITED