ITEM 8.01 Other Events
On September 29, 2020, FOMO CORP. signed a definitive agreement to acquire 100%
of the member interests of Purge Virus, LLC ("PV"). As consideration and upon
closing, the Company will issue two (2) million Restricted Series B Preferred
Shares to PV's sole member and President, Charles Szoradi. FOMO is currently
completing due diligence and intends to engage SEC counsel shortly in order to
proceed to closing with a targeted date of October 19, 2020. The Company intends
to enter into an employment agreement with Mr. Szoradi who will remain President
of a FOMO-PV subsidiary. Under the terms of the definitive agreement, he will
join FOMO's Advisory Board, with an expectation of joining FOMO's Board of
Directors in the future. The employment agreement is expected to include
performance milestones based on PV-driven disinfection technology/product sales,
which will allow Mr. Szoradi to earn additional equity in FOMO CORP. in the form
of Restricted Series B Preferred Shares.
Separately, FOMO CORP.'s accountants have been preparing the Company' financial
statements for the three-month periods ended December 31, 2019, March 31, 2020,
June 30, 2020 and September 30, 2020. The draft December books have been
delivered to management, who intends to review them with the accounting firm,
engage the Company's standing auditor Boyle CPA, LLC, and begin drafting FOMO
CORP.'s Form 10-K for calendar year 2019 this week. Later period accounting is
expected to be delivered over the near-term. Management intends to bring the
Company current with regard to SEC reporting expediently in order to provide
transparency to current and future investors. Additional disclosures and
exhibits related to the definitive agreement will be filed in amendments to this
Form 8-K if required.
Item 9.01. Exhibits
(a) Exhibits. The following exhibit is filed with this Current Report on Form
8-K:
Exhibit No. Description
10.1 FOMO CORP. Purge Virus, LLC Definitive Agreement September 29,
2020
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