Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

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Discontinued Operations (Tables)
 3 Months Ended
Mar. 31, 2018
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 condensed consolidated balance sheets consisted of the following:

 

AMSG Assets and Liabilities:

 

    March 31, 2018     December 31, 2017  
    (unaudited)     (unaudited)  
Cash   $ 5,314     $ 9,273  
Accounts receivable, net     576       19,022  
Prepaid expenses and other current assets     25,477       25,477  
Current assets classified as held for sale   $ 31,367     $ 53,772  
                 
Property and equipment, net   $ -     $ -  
Deposits     -       -  
Non-current assets classified as held for sale   $ -     $ -  
                 
Accounts payable (includes related parties)   $ 674,425     $ 671,561  
Accrued expenses     388,666       375,165  
Current portion of notes payable     228,421       249,589  
Current liabilities classified as held for sale   $ 1,291,512     $ 1,296,315  
                 
Non-current liabilities classified as held for sale   $ -     $ -  

 

HTS Assets and Liabilities:

 

    March 31, 2018     December 31, 2017  
    (unaudited)     (unaudited)  
Cash   $ 1,727     $ 8,281  
Accounts receivable, net     166,774       160,715  
Prepaid expenses and other current assets     22,183       3,964  
Current assets classified as held for sale   $ 190,684     $ 172,960  
                 
Property and equipment, net   $ 15,883     $ 21,078  
Deposits     6,029       7,756  
Non-current assets classified as held for sale   $ 21,912     $ 28,834  
                 
Accounts payable (includes related parties)   $ 500,235     $ 407,404  
Accrued expenses     271,245       269,135  
Current liabilities classified as held for sale   $ 771,480     $ 676,539  
                 
Non-current liabilities classified as held for sale   $ -     $ -  

 

Consolidated Discontinued Operations Assets and Liabilities:

 

    March 31, 2018     December 31, 2017  
    (unaudited)     (unaudited)  
Cash   $ 7,041     $ 17,554  
Accounts receivable, net     167,350       179,737  
Prepaid expenses and other current assets     47,660       29,441  
Current assets classified as held for sale   $ 222,051     $ 226,732  
                 
Property and equipment, net   $ 15,883     $ 21,078  
Deposits     6,029       7,756  
Non-current assets classified as held for sale   $ 21,912     $ 28,834  
                 
Accounts payable (includes related parties)   $ 1,174,660     $ 1,078,965  
Accrued expenses     659,911       644,300  
Current portion of notes payable     228,421       249,589  
Current liabilities classified as held for sale   $ 2,062,992     $ 1,972,854  
                 
Non-current liabilities classified as held for sale   $ -     $ -  

 

Major line items constituting loss from discontinued operations in the consolidated statements of operations for the three months ended March 31, 2018 and 2017 consisted of the following:

 

AMSG Income (Loss) from Discontinued Operations:

 

    Three Months Ended March 31,  
    2018     2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 33,685     $ 176,578  
Cost of services     16,138       769  
Gross profit     17,547       175,809  
Operating expenses     176,202       526,533  
Other income/expenses     (800,197 )     (2,978 )
Income/(Loss) from discontinued operations   $ 641,542     $ (347,746 )

 

HTS Income (Loss) from Discontinued Operations:

 

    Three Months Ended March 31,  
    2018     2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 355,147     $ 315,270  
Cost of services     34,218       46,704  
Gross profit     320,929       268,566  
Operating expenses     538,199       987,111  
Other income/expenses     2,478       -  
Income/(Loss) from discontinued operations   $ (219,748 )   $ (718,545 )

 

Consolidated Income/(Loss) from Discontinued Operations:

 

    Three Months Ended March 31,  
    2018     2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 388,832     $ 491,848  
Cost of services     50,356       47,473  
Gross profit     338,476       444,375  
Operating expenses     714,402       1,513,645  
Other income (expenses)     (797,719 )     (2,978 )
Income/(Loss) from discontinued operations   $ 421,793     $ (1,066,292 )