Tue, Jul 16, 6:57 PM (53 days ago)
FOMO Worldwide, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2023. Revenue decreased by 67% to $2,498,566, primarily due to a downturn in sales at SMARTSolution Technologies (SST). Gross profit fell to $578,424, with a gross margin of 23%, down from 14% in the previous year. Operating expenses were $2,241,606, including a $799,336 impairment of goodwill and intangible assets. The company incurred a net loss of $1,583,738, an improvement from the $3,681,490 loss in 2022. Cash flow from operations was negative at $176,588. The financial condition remains precarious with a working capital deficit of $3,701,663 and stockholders’ deficit of $3,120,474. The company faces significant liquidity risks and has substantial doubt about its ability to continue as a going concern.