2023 Q1 Form 10-Q Financial Statement

#000149315223008847 Filed on March 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q3 2021 Q3
Revenue $552.3K $955.4K $107.8K
YoY Change -55.26% 786.22%
Cost Of Revenue $397.6K $885.3K $97.91K
YoY Change -62.8% 804.24%
Gross Profit $154.8K $70.10K $9.900K
YoY Change -6.73% 608.04%
Gross Profit Margin 28.02% 7.34% 9.18%
Selling, General & Admin $549.3K $362.6K $233.0K
YoY Change -54.43% 55.6% 8.2%
% of Gross Profit 354.94% 517.28% 2353.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.870K $1.902K $91.00K
YoY Change 1256.9% -97.91%
% of Gross Profit 5.09% 2.71% 919.19%
Operating Expenses $550.9K $364.5K $233.0K
YoY Change -54.33% 56.42% 8.2%
Operating Profit -$396.1K -$294.4K -$223.1K
YoY Change -61.92% 31.94% 3.6%
Interest Expense -$3.393M $117.0K $8.080K
YoY Change 492.02% 1347.88% -105.72%
% of Operating Profit
Other Income/Expense, Net -$34.14K $8.079K
YoY Change -522.53%
Pretax Income -$3.789M -$328.5K -$215.1K
YoY Change 120.52% 52.77% -35.18%
Income Tax
% Of Pretax Income
Net Earnings -$3.810M -$328.5K -$215.1K
YoY Change 121.75% 52.77% -35.18%
Net Earnings / Revenue -689.85% -34.39% -199.47%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$34.58
COMMON SHARES
Basic Shares Outstanding 8.620B shares 8.185B shares 6.219B shares
Diluted Shares Outstanding 8.105B shares

Balance Sheet

Concept 2023 Q1 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.2K $1.009M $474.3K
YoY Change 83.73% 112.76%
Cash & Equivalents $143.5K $201.6K
Short-Term Investments $865.6K $272.7K
Other Short-Term Assets $18.27K $53.76K $188.8K
YoY Change 1305.38% -71.52%
Inventory $262.4K $1.746M $233.3K
Prepaid Expenses
Receivables $974.8K $1.341M $114.2K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.375M $3.425M $1.011M
YoY Change -39.91% 238.91%
LONG-TERM ASSETS
Property, Plant & Equipment $344.0K $82.75K
YoY Change -27.75%
Goodwill $1.444M
YoY Change
Intangibles
YoY Change
Long-Term Investments $466.8K $161.0K $168.0K
YoY Change -9.85% -4.16% -27.69%
Other Assets
YoY Change
Total Long-Term Assets $1.659M $1.987M $1.903M
YoY Change -7.87% 4.37% 574.17%
TOTAL ASSETS
Total Short-Term Assets $1.375M $3.425M $1.011M
Total Long-Term Assets $1.659M $1.987M $1.903M
Total Assets $3.034M $5.412M $2.914M
YoY Change -25.8% 85.71% 932.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.264M $1.279M $72.29K
YoY Change 78.9% 1669.26% 588.48%
Accrued Expenses $64.84K $62.30K $24.95K
YoY Change 9.38% 149.7% -91.25%
Deferred Revenue
YoY Change
Short-Term Debt $6.897M $2.271M $349.9K
YoY Change 671.64% 548.87% 125.99%
Long-Term Debt Due $24.24K $21.12K $5.170K
YoY Change -26.7% 308.51%
Total Short-Term Liabilities $8.886M $6.361M $1.142M
YoY Change 218.85% 457.07% 36.65%
LONG-TERM LIABILITIES
Long-Term Debt $284.5K $284.4K $0.00
YoY Change -70.36%
Other Long-Term Liabilities $211.0K $244.3K
YoY Change -23.69%
Total Long-Term Liabilities $495.5K $528.7K $0.00
YoY Change -59.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.886M $6.361M $1.142M
Total Long-Term Liabilities $495.5K $528.7K $0.00
Total Liabilities $9.381M $6.890M $1.142M
YoY Change 133.18% 503.36% 36.65%
SHAREHOLDERS EQUITY
Retained Earnings -$23.61M
YoY Change
Common Stock $8.942M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.348M -$1.479M $1.772M
YoY Change
Total Liabilities & Shareholders Equity $3.034M $5.412M $2.914M
YoY Change -25.8% 85.71% 932.1%

Cashflow Statement

Concept 2023 Q1 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$3.810M -$328.5K -$215.1K
YoY Change 121.75% 52.77% -35.18%
Depreciation, Depletion And Amortization $7.870K $1.902K $91.00K
YoY Change 1256.9% -97.91%
Cash From Operating Activities -$388.2K -$250.7K $127.9K
YoY Change -70.97% -296.01% -85360.0%
INVESTING ACTIVITIES
Capital Expenditures $4.410K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$14.69K -$79.03K
YoY Change -101.94%
Cash From Investing Activities -$14.69K -$83.44K
YoY Change -101.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$100.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 425.1K 244.0K 41.61K
YoY Change -23.08% 486.35% 34575.0%
NET CHANGE
Cash From Operating Activities -388.2K -250.7K 127.9K
Cash From Investing Activities -14.69K -83.44K
Cash From Financing Activities 425.1K 244.0K 41.61K
Net Change In Cash 22.19K -90.14K 169.5K
YoY Change -175.55% -153.18% -565100.0%
FREE CASH FLOW
Cash From Operating Activities -$388.2K -$250.7K $127.9K
Capital Expenditures $4.410K
Free Cash Flow -$255.1K
YoY Change

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20000 usd
CY2021Q3 FOMC Stock Issued During Period Value Common Shares Issued For Services
StockIssuedDuringPeriodValueCommonSharesIssuedForServices
87500 usd
CY2021Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
25000 usd
CY2021Q3 FOMC Stock Issued During Period Value Purchase Common Shares
StockIssuedDuringPeriodValuePurchaseCommonShares
400000 usd
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
115575 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-215046 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-215046 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
1771867 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
1771867 usd
us-gaap Net Income Loss
NetIncomeLoss
-3221384 usd
us-gaap Net Income Loss
NetIncomeLoss
-1421567 usd
us-gaap Share Based Compensation
ShareBasedCompensation
535000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
459000 usd
us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
209713 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
13981 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
519598 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
91000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
46030 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4216 usd
FOMC Derivative Gain Loss On Derivative Liability Warrants Net
DerivativeGainLossOnDerivativeLiabilityWarrantsNet
160082 usd
FOMC Derivative Gain Loss On Derivative Liability Warrants Net
DerivativeGainLossOnDerivativeLiabilityWarrantsNet
386626 usd
FOMC Derivative Expense
DerivativeExpense
194887 usd
CY2021Q3 FOMC Stock Issued During Period Value Common Shares Issued For Services
StockIssuedDuringPeriodValueCommonSharesIssuedForServices
87500 usd
CY2021Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
25000 usd
CY2021Q3 FOMC Stock Issued During Period Value Purchase Common Shares
StockIssuedDuringPeriodValuePurchaseCommonShares
400000 usd
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
115575 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-215046 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-215046 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
1771867 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
1771867 usd
us-gaap Net Income Loss
NetIncomeLoss
-3221384 usd
us-gaap Net Income Loss
NetIncomeLoss
-1421567 usd
us-gaap Share Based Compensation
ShareBasedCompensation
535000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
459000 usd
us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
209713 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
13981 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
519598 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
91000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
46030 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4216 usd
FOMC Derivative Gain Loss On Derivative Liability Warrants Net
DerivativeGainLossOnDerivativeLiabilityWarrantsNet
160082 usd
FOMC Derivative Gain Loss On Derivative Liability Warrants Net
DerivativeGainLossOnDerivativeLiabilityWarrantsNet
386626 usd
FOMC Derivative Expense
DerivativeExpense
194887 usd
FOMC Gain On Debt Extinguishment Derivative Liabilities Convertible Debt
GainOnDebtExtinguishmentDerivativeLiabilitiesConvertibleDebt
226391 usd
FOMC Loss On Debt Extinguishment
LossOnDebtExtinguishment
199103 usd
FOMC Loss On Debt Extinguishment
LossOnDebtExtinguishment
231930 usd
FOMC Change In Fair Value Of Marketable Equity Securities
ChangeInFairValueOfMarketableEquitySecurities
-646237 usd
FOMC Change In Fair Value Of Marketable Equity Securities
ChangeInFairValueOfMarketableEquitySecurities
-234764 usd
FOMC Gain On Debt Forgiveness
GainOnDebtForgiveness
11593 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
634578 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
47818 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1529074 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
233252 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
53534 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
145930 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
982538 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
250874 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
188283 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1654133 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-38622 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-858229 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-790935 usd
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
223457 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4408 usd
FOMC Proceeds From Sales Of Securities Net Of Purchases
ProceedsFromSalesOfSecuritiesNetOfPurchases
41781 usd
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
13825 usd
us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
101152 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
89941 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
266000 usd
FOMC Gain On Debt Extinguishment Derivative Liabilities Convertible Debt
GainOnDebtExtinguishmentDerivativeLiabilitiesConvertibleDebt
226391 usd
FOMC Loss On Debt Extinguishment
LossOnDebtExtinguishment
199103 usd
FOMC Loss On Debt Extinguishment
LossOnDebtExtinguishment
231930 usd
FOMC Change In Fair Value Of Marketable Equity Securities
ChangeInFairValueOfMarketableEquitySecurities
-646237 usd
FOMC Change In Fair Value Of Marketable Equity Securities
ChangeInFairValueOfMarketableEquitySecurities
-234764 usd
FOMC Gain On Debt Forgiveness
GainOnDebtForgiveness
11593 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
634578 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
47818 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1529074 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
233252 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
53534 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
145930 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
982538 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
250874 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
188283 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1654133 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-38622 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-858229 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-790935 usd
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
223457 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4408 usd
FOMC Proceeds From Sales Of Securities Net Of Purchases
ProceedsFromSalesOfSecuritiesNetOfPurchases
41781 usd
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
13825 usd
us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
101152 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
89941 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
266000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
378750 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
430020 usd
FOMC Proceeds From Issuance Of Convertible Note Related Party
ProceedsFromIssuanceOfConvertibleNoteRelatedParty
195000 usd
FOMC Repayment Of Loan Receivable
RepaymentOfLoanReceivable
9580 usd
FOMC Repayments Of Notes Payable To Government
RepaymentsOfNotesPayableToGovernment
150000 usd
FOMC Repayments Of Loans Payable Related Parties
RepaymentsOfLoansPayableRelatedParties
233914 usd
FOMC Repayment Of Loan Payable
RepaymentOfLoanPayable
133016 usd
FOMC Repayment Of Loan Payable
RepaymentOfLoanPayable
115000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
647528 usd
FOMC Proceeds From Draw Downs On Accounts Receivable Credit Facility
ProceedsFromDrawDownsOnAccountsReceivableCreditFacility
4184344 usd
FOMC Repayment On Accounts Receivable Credit Facility
RepaymentOnAccountsReceivableCreditFacility
3042024 usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
275000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
400000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
817612 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
980440 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
49324 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
189505 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
94224 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12069 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
143548 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
201574 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
378750 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
430020 usd
FOMC Proceeds From Issuance Of Convertible Note Related Party
ProceedsFromIssuanceOfConvertibleNoteRelatedParty
195000 usd
FOMC Repayment Of Loan Receivable
RepaymentOfLoanReceivable
9580 usd
FOMC Repayments Of Notes Payable To Government
RepaymentsOfNotesPayableToGovernment
150000 usd
FOMC Repayments Of Loans Payable Related Parties
RepaymentsOfLoansPayableRelatedParties
233914 usd
FOMC Repayment Of Loan Payable
RepaymentOfLoanPayable
133016 usd
FOMC Repayment Of Loan Payable
RepaymentOfLoanPayable
115000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
647528 usd
FOMC Proceeds From Draw Downs On Accounts Receivable Credit Facility
ProceedsFromDrawDownsOnAccountsReceivableCreditFacility
4184344 usd
FOMC Repayment On Accounts Receivable Credit Facility
RepaymentOnAccountsReceivableCreditFacility
3042024 usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
275000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
400000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
817612 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
980440 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
49324 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
189505 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
94224 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12069 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
143548 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
201574 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
345229 usd
FOMC Stock Issued On Acquisition Of Sst
StockIssuedOnAcquisitionOfSST
700000 usd
FOMC Debt Discount Recorded In Connection With Derivative Liability
DebtDiscountRecordedInConnectionWithDerivativeLiability
66851 usd
us-gaap Stock Issued1
StockIssued1
166850 usd
us-gaap Stock Issued1
StockIssued1
563643 usd
FOMC Conversionof Series B Preferred Stock Into Common Stock
ConversionofSeriesBPreferredStockIntoCommonStock
31 shares
FOMC Reclassification Of Derivative Liabilitiy
ReclassificationOfDerivativeLiabilitiy
425000 usd
us-gaap Insured Event Gain Loss
InsuredEventGainLoss
500000000000 usd
CY2021Q4 us-gaap Marketable Securities
MarketableSecurities
1200500 usd
CY2021Q4 FOMC Marketable Securities Unrealized Loss
MarketableSecuritiesUnrealizedLoss
-435037 usd
CY2021Q4 us-gaap Investments
Investments
765463 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
345229 usd
FOMC Stock Issued On Acquisition Of Sst
StockIssuedOnAcquisitionOfSST
700000 usd
FOMC Debt Discount Recorded In Connection With Derivative Liability
DebtDiscountRecordedInConnectionWithDerivativeLiability
66851 usd
us-gaap Stock Issued1
StockIssued1
166850 usd
us-gaap Stock Issued1
StockIssued1
563643 usd
FOMC Conversionof Series B Preferred Stock Into Common Stock
ConversionofSeriesBPreferredStockIntoCommonStock
31 shares
FOMC Reclassification Of Derivative Liabilitiy
ReclassificationOfDerivativeLiabilitiy
425000 usd
us-gaap Insured Event Gain Loss
InsuredEventGainLoss
500000000000 usd
CY2022Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2021Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
FOMC Percentage Of Revenues
PercentageOfRevenues
1 pure
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84E_eus-gaap--UseOfEstimates_zqVXoXBHdjR3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zv1t4B40zZQ8">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates, and those estimates may be material.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant estimates during the nine months ended September 30, 2022 and the year ended December 31, 2021, respectively, include, allowance for doubtful accounts and other receivables, inventory reserves and classifications, valuation of investments, valuation of goodwill and intangible assets, valuation of loss contingencies, valuation of derivative liabilities, valuation of stock-based compensation, estimated useful lives related to intangible assets and property and equipment, uncertain tax positions, and the valuation allowance on deferred tax assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2021Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
FOMC Percentage Of Revenues
PercentageOfRevenues
1 pure
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84E_eus-gaap--UseOfEstimates_zqVXoXBHdjR3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zv1t4B40zZQ8">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates, and those estimates may be material.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant estimates during the nine months ended September 30, 2022 and the year ended December 31, 2021, respectively, include, allowance for doubtful accounts and other receivables, inventory reserves and classifications, valuation of investments, valuation of goodwill and intangible assets, valuation of loss contingencies, valuation of derivative liabilities, valuation of stock-based compensation, estimated useful lives related to intangible assets and property and equipment, uncertain tax positions, and the valuation allowance on deferred tax assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_z2qddosqtqmh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zRqWMh2ulehf">Risks and Uncertainties</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates in an industry that is subject to intense competition and change in consumer demand. The Company’s operations are subject to significant risk and uncertainties including financial and operational risks including the potential risk of business failure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has experienced, and in the future expects to continue to experience, variability in sales and earnings. The factors expected to contribute to this variability include, among others, (i) the cyclical nature of the industry, (ii) general economic conditions in the various local markets in which the Company competes, including a potential general downturn in the economy, and (iii) the volatility of prices in connection with the Company’s distribution of the product. These factors, among others, make it difficult to project the Company’s operating results on a consistent basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOMO WORLDWIDE, INC. AND SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SEPTEMBER 30, 2022</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNAUDITED</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_z2qddosqtqmh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zRqWMh2ulehf">Risks and Uncertainties</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates in an industry that is subject to intense competition and change in consumer demand. The Company’s operations are subject to significant risk and uncertainties including financial and operational risks including the potential risk of business failure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has experienced, and in the future expects to continue to experience, variability in sales and earnings. The factors expected to contribute to this variability include, among others, (i) the cyclical nature of the industry, (ii) general economic conditions in the various local markets in which the Company competes, including a potential general downturn in the economy, and (iii) the volatility of prices in connection with the Company’s distribution of the product. These factors, among others, make it difficult to project the Company’s operating results on a consistent basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOMO WORLDWIDE, INC. AND SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SEPTEMBER 30, 2022</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNAUDITED</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2022Q3 us-gaap Assets Fair Value Disclosure
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CY2022Q3 us-gaap Cash Fdic Insured Amount
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us-gaap Provision For Doubtful Accounts
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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us-gaap Revenues
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us-gaap Revenues
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110505 usd
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us-gaap Revenues
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4436352 usd
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us-gaap Revenues
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FOMC Percentage Of Revenues
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us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84A_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zAxczYcUUES1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zqY7uUyMIhe2">Reclassifications</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the consolidated results of operations, stockholders’ deficit, or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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2936531 usd
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100000 usd
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84A_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zAxczYcUUES1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zqY7uUyMIhe2">Reclassifications</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the consolidated results of operations, stockholders’ deficit, or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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2936531 usd
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Depreciation
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us-gaap Depreciation
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CY2022Q3 FOMC Loans Payable Related Parties Current
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CY2022Q3 us-gaap Tangible Capital
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1000000 shares
CY2022Q3 FOMC Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Series B Preferred Stock Issued
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700000 usd
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345229 usd
us-gaap Debt Instrument Covenant Description
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1.25 to1
CY2022Q3 us-gaap Tangible Capital
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350000 usd
CY2022Q1 FOMC Conversion Of Preferred Series B Shares To Common Shares Shares
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1000 shares
CY2022Q1 FOMC Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Series B Preferred Stock Issued Shares
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSeriesBPreferredStockIssuedShares
1000000 shares
CY2022Q3 FOMC Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Series B Preferred Stock Issued
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedSeriesBPreferredStockIssued
700000 usd
CY2022Q3 FOMC Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Fairvalue
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700000 usd
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223457 usd
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669580 usd
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208431 usd
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
82553 usd
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOperatingLeaseRightOfUseAsset
345229 usd
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
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1529250 usd
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268553 usd
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671217 usd
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321705 usd
CY2022Q3 FOMC Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Note Payable Government Sba
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesNotePayableGovernmentSBA
150000 usd
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesNotePayable
516234 usd
CY2022Q3 FOMC Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Operating Lease Liability
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