Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

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Discontinued Operations (Tables)
6 Months Ended
Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operation of Balance Sheet and Operation Statement

Carrying amounts of major classes of assets and liabilities classified as held for sale and included as part of discontinued operations in the consolidated balance sheets consisted of the following:

 

    June 30, 2017     December 31, 2016  
      (unaudited)          
Cash   $ 1,967     $ 2,962  
Accounts receivable, net     19,125       267,681  
Prepaid expenses and other current assets     22,737       67,257  
Current assets classified as held for sale   $ 43,829     $ 337,900  
                 
Property and equipment, net   $ -     $ 53,012  
Deposits     23,750       23,750  
Non-current assets classified as held for sale   $ 23,750     $ 76,762  
                 
Accounts payable (includes related parties)   $ 351,541     $ 422,864  
Accrued expenses     1,121,913       1,253,117  
Income taxes payable     151,806       151,806  
Current liabilities classified as held for sale   $ 1,625,260     $ 1,827,787  
                 
Non-current liabilities classified as held for sale (derivative liabilities)   $ -     $ 26,598  

  

Major line items constituting loss from discontinued operations in the consolidated statements of operations for the six months ended June 30, 2017 and 2016 consisted of the following:

 

    June 30, 2017     June 30, 2016  
    (unaudited)     (unaudited)  
Revenue from services   $ 223,104     $ 906,325  
Cost of services     769       131,400  
Gross Profit     222,335       774,925  
Operating expenses     905,655       2,804,094  
Allocated interest expense     -       11,706  
Loss from discontinued operations   $ (683,320 )   $ (2,040,875 )