Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

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Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 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:

 

    June 30, 2018     December 31, 2017  
    (unaudited)     (unaudited)  
Cash   $ 5,121     $ 9,273  
Accounts receivable, net     5,947       19,022  
Prepaid expenses and other current assets     25,477       25,477  
Current assets classified as held for sale   $ 36,545     $ 53,772  
                 
Accounts payable (includes related parties)   $ 480,013     $ 671,561  
Accrued expenses     396,440       375,165  
Current portion of notes payable     325,603       249,589  
Current liabilities classified as held for sale   $ 1,202,056     $ 1,296,315  

 

HTS Assets and Liabilities:

 

    June 30, 2018     December 31, 2017  
    (unaudited)     (unaudited)  
Cash   $ 6,568     $ 8,281  
Accounts receivable, net     214,962       160,715  
Prepaid expenses and other current assets     11,451       3,964  
Current assets classified as held for sale   $ 232,981     $ 172,960  
                 
Property and equipment, net   $ 11,449     $ 21,078  
Deposits     6,029       7,756  
Non-current assets classified as held for sale   $ 17,478     $ 28,834  
                 
Accounts payable (includes related parties)   $ 458,976     $ 407,404  
Accrued expenses     370,782       269,135  
Current liabilities classified as held for sale   $ 829,758     $ 676,539  

 

Consolidated Discontinued Operations Assets and Liabilities:
Total Discontinued Assets and Liabilities:

 

    June 30, 2018     December 31, 2017  
    (unaudited)     (unaudited)  
Cash   $ 11,689     $ 17,554  
Accounts receivable, net     220,909       179,737  
Prepaid expenses and other current assets     36,928       29,441  
Current assets classified as held for sale   $ 269,526     $ 226,732  
                 
Property and equipment, net   $ 11,449     $ 21,078  
Deposits     6,029       7,756  
Non-current assets classified as held for sale   $ 17,478     $ 28,834  
                 
Accounts payable (includes related parties)   $ 938,989     $ 1,078,965  
Accrued expenses     767,222       644,300  
Current portion of notes payable     325,603       249,589  
Current liabilities classified as held for sale   $ 2,031,814     $ 1,972,854  

 

Major line items constituting income (loss) from discontinued operations in the consolidated statements of operations for the three and six months ended June 30, 2018 and 2017 consisted of the following:

 

AMSG Loss from Discontinued Operations:

 

    Three Months Ended  
    June 30, 2018     June 30, 2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 45,156     $ 46,526  
Cost of services     6,075       -  
Gross profit     39,080       46,526  
Operating expenses     94,683       370,873  
Other (income) expenses     (13,313 )     11,225  
Loss from discontinued operations   $ (42,290 )   $ (335,572 )

 

HTS Loss from Discontinued Operations:

 

    Three Months Ended  
    June 30, 2018     June 30, 2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 441,458     $ 459,512  
Cost of services     31,665       28,677  
Gross profit     409,793       430,835  
Operating expenses     510,589       773,184  
Other (income) expenses     3,491       -  
Loss from discontinued operations   $ (104,287 )   $ (342,349 )

 

AMSG Income (loss) from Discontinued Operations:

 

    Six Months Ended  
    June 30, 2018     June 30, 2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 78,841     $ 223,104  
Cost of services     22,214       769  
Gross profit     56,627       222,335  
Operating expenses     270,885       897,406  
Other (income) expenses     (813,510 )     8,244  
Income (loss) from discontinued operations   $ 599,252     $ (683,315 )

 

HTS Loss from Discontinued Operations:

 

    Six Months Ended  
    June 30, 2018     June 30, 2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 791,971     $ 774,782  
Cost of services     65,883       75,381  
Gross profit     726,088       699,401  
Operating expenses     1,044,155       1,760,295  
Other (income) expenses     5,969       -  
Loss from discontinued operations   $ (324,036 )   $ (1,060,894 )

 

Consolidated Loss from Discontinued Operations:

 

    Three Months Ended
    June 30, 2018   June 30, 2017
    (unaudited)   (unaudited)
Revenue from services   $ 486,614     $ 506,038  
Cost of services     37,740       28,677  
Gross profit     448,874       477,361  
Operating expenses     605,272       1,144,057  
Other (income) expenses     (9,821 )     11,225  
Loss from discontinued operations   $ (146,577 )   $ (677,921 )

 

Consolidated Income (loss) from Discontinued Operations:

 

    Six Months Ended  
    June 30, 2018     June 30, 2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 870,812     $ 997,886  
Cost of services     88,097       76,150  
Gross profit     782,715       921,736  
Operating expenses     1,315,040       2,657,701  
Other (income) expenses     (807,541 )     8,244  
Income (loss) from discontinued operations   $ 275,216     $ (1,744,209 )