Fomo Worldwide, Inc. - FOMC STOCK NEWS

FOMO WORLDWIDE, INC. (US OTC: FOMC) has regained SEC reporting compliance, leading to a relisting as OTC PINK CURRENT. The company restated previous quarterly results and reported impressive revenue growth for the nine months ended September 30, 2022, at $4,436,352, a 1,012% increase year-over-year. However, gross profit was $361,928, up 253%, impacted by inventory write-downs. FOMO's operational strategies led to the prevention of dilution of approximately two billion common stock equivalents. CEO Vik Grover emphasized a focus on future acquisitions to enhance revenues and expand into new markets, projecting potential incremental revenues exceeding $40 million.

FOMO WORLDWIDE, INC. (US OTC: FOMC) announced that its subsidiary, SMARTSolution Technologies L.P. (SST), will participate in the PENNSYLVANIA EDUCATION TECHNOLOGY EXPO AND CONFERENCE (PETE&C) from February 12-15, 2023. SST aims to showcase its educational technology offerings, including interactive panels and conferencing cameras, to educators and administrators. The booth will feature informal training, and SST will also unveil products like the Smart Podium and Active Floor. On February 13, FOMO will host an investor dinner to discuss its financial trajectory and acquisition plans with attendees.

FOMO WORLDWIDE, INC. (OTC: FOMC) reports significant growth, with estimated annual revenues exceeding $9.4 million, a 125% increase year-over-year for its subsidiary SMARTSolution Technologies L.P. (SST). SST's success is attributed to its dominance in interactive display sales, particularly in K12 education markets, and expansion into healthcare and municipal sectors. The company has a backlog of approximately $2 million and is set to benefit from ESSER funds and the CARES Act. CEO Vik Grover's upcoming audit aims for transparency and growth in 2023.

FOMO WORLDWIDE, INC. (OTC: FOMC) has received a notice of allowance for its trademark application for "FOMO" covering health and beauty beverages, following a thorough review by the USPTO. This approval allows FOMO to proceed with commercialization plans, including the launch of products through partnerships with Himalaya Technologies and GenBio. CEO Vik Grover highlighted a growing market for health drinks that provide nutritional benefits, indicating plans for future product expansions and international trademark protections.

FOMO CORP. has officially rebranded as FOMO WORLDWIDE and amended its articles of incorporation to reflect this change, effective in California and awaiting FINRA approval. The company also updated shareholders regarding financial inaccuracies affecting 1Q22 and 2Q22, leading to a projected revenue decline for the full year 2022 to between $9.5 - $10.5 million. The errors involved incorrect revenue recognition at its subsidiary, SMARTSolution Technologies. The CEO assures that the team is rectifying these discrepancies and is exploring growth opportunities.

FOMO CORP. (US OTC: FOMC) announced the elimination of approximately 1.7 billion common stock equivalents (CSEs), reducing shareholder dilution. Actions included the cancellation of stock options and warrants linked to underperforming consultants and acquisition targets. Management aims to eliminate an additional 1.3 billion CSEs through further cancellations and returns. CEO Vik Grover emphasized the necessity of these measures to protect shareholder value and reposition the company for future growth.

FOMO CORP. (US OTC: FOMC) has engaged Elmcore Securities LLC for strategic mergers and acquisitions in the education technology sector. The aim is to pursue a roll-up strategy to capitalize on growth in remote learning. Elmcore's CEO emphasized potential revenue and cost synergies from merging small to medium-sized companies. FOMO's CEO highlighted the need to enhance their M&A strategy, focusing on market expansion after recent successful acquisition of SST. The booming smart board industry offers significant consolidation opportunities aided by ESSER funds.

FOMO CORP. (US OTC: FOMC) announced John Raymond as Interim President of its subsidiary, SMARTSolution Technologies, LP (SST), effective immediately. This transition follows the impending contract expiration of founder Mitchell Schwartz, who will shift to a Board role. Raymond brings over 25 years of experience in low voltage contracting and aims to enhance SST’s offerings in the audiovisual market. The company anticipates leveraging synergies with its clean tech affiliate, CLEANSolution Technologies, to broaden its market reach. FOMO will also host an investor meeting on September 16, 2022, in Pittsburgh.

FOMO CORP. (US OTC: FOMC) will hold an investor meeting at its SMARTsolution Technologies LP headquarters in Pittsburgh, PA on September 16, 2022. The event will include management presentations, a facility tour, and networking opportunities. In Q2 2022, FOMO reported revenues of $2.6 million, up 2,959% from $85,000 in Q2 2021. Total revenues for the first half reached $3.9 million, up 1,460% year-over-year. The company raised its full-year revenue guidance to between $9-10 million.