Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.10.0.1
Discontinued Operations (Tables)
 9 Months Ended
Sep. 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:

 

    September 30, 2018     December 31, 2017  
    (unaudited)     (unaudited)  
Cash   $ 8,575     $ 9,273  
Accounts receivable, net     1,837       19,022  
Prepaid expenses and other current assets     25,477       25,477  
Current assets classified as held for sale   $ 35,889     $ 53,772  
                 
Accounts payable (includes related parties)   $ 492,898     $ 671,561  
Accrued expenses     405,616       375,165  
Current portion of notes payable     281,728       249,589  
Current liabilities classified as held for sale   $ 1,180,242     $ 1,296,315  

 

HTS Assets and Liabilities:

 

    September 30, 2018     December 31, 2017  
    (unaudited)     (unaudited)  
Cash   $ 1,424     $ 8,281  
Accounts receivable, net     178,027       160,715  
Prepaid expenses and other current assets     10,300       3,964  
Current assets classified as held for sale   $ 189,751     $ 172,960  
                 
Property and equipment, net   $ 8,619     $ 21,078  
Deposits     6,029       7,756  
Non-current assets classified as held for sale   $ 14,648     $ 28,834  
                 
Accounts payable (includes related parties)   $ 493,535     $ 407,404  
Accrued expenses     455,645       269,135  
Current liabilities classified as held for sale   $ 949,180     $ 676,539  

 

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

 

    September 30, 2018     December 31, 2017  
    (unaudited)     (unaudited)  
Cash   $ 9,999     $ 17,554  
Accounts receivable, net     179,864       179,737  
Prepaid expenses and other current assets     35,777       29,441  
Current assets classified as held for sale   $ 225,640     $ 226,732  
                 
Property and equipment, net   $ 8,619     $ 21,078  
Deposits     6,029       7,756  
Non-current assets classified as held for sale   $ 14,648     $ 28,834  
                 
Accounts payable (includes related parties)   $ 986,433     $ 1,078,965  
Accrued expenses     861,261       644,300  
Current portion of notes payable     281,728       249,589  
Current liabilities classified as held for sale   $ 2,129,422     $ 1,972,854  

 

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

 

AMSG Loss from Discontinued Operations:

 

    Three Months Ended September 30,  
    2018     2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 13,249     $ 1,120  
Cost of services     15,559       8,513  
Gross profit     (2,310 )     (7,393 )
Operating expenses     93,059       328,233  
Other (income) expenses     (5,748 )     34,523  
Loss from discontinued operations   $ (89,621 )   $ (370,149 )

 

HTS Loss from Discontinued Operations:

 

    Three Months Ended September 30,  
    2018     2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 499,317     $ 344,304  
Cost of services     30,082       47,347  
Gross profit     469,235       296,957  
Operating expenses     532,892       957,757  
Other (income) expenses     6,152       (22,992 )
Loss from discontinued operations   $ (69,808 )   $ (637,808 )

 

AMSG Income (loss) from Discontinued Operations:

 

    Nine Months Ended  September 30,  
    2018     2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 92,090     $ 224,224  
Cost of services     37,773       9282  
Gross profit     54,317       214,942  
Operating expenses     363,944       1,225,639  
Other (income) expenses     (819,258 )     42,767  
Income (loss) from discontinued operations   $ 509,631     $ (1,053,464 )

  

HTS Loss from Discontinued Operations:

 

    Nine Months Ended September 30,  
    2018     2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 1,291,288     $ 1,112,653  
Cost of services     95,965       122,728  
Gross profit     1,195,323       989,925  
Operating expenses     1,577,046       2,711,619  
Other (income) expenses     12,121       (22,992 )
Loss from discontinued operations   $ (393,844 )   $ (1,698,702 )

 

Consolidated Loss from Discontinued Operations:

 

    Three Months Ended  September 30,  
    2018     2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 512,566     $ 345,424  
Cost of services     45,641       55,860  
Gross profit     466,925       289,564  
Operating expenses     625,950       1,285,990  
Other (income) expenses     404       11,532  
Loss from discontinued operations   $ (159,430 )   $ (1,007,957 )

 

Consolidated Income (loss) from Discontinued Operations:

 

    Nine Months Ended  September 30,  
    2018     2017  
    (unaudited)     (unaudited)  
Revenue from services   $ 1,383,378     $ 1,336,877  
Cost of services     133,738       132,010  
Gross profit     1,249,640       1,204,867  
Operating expenses     1,940,990       3,937,258  
Other (income) expenses     (807,137 )     19,776  
Income (loss) from discontinued operations   $ 115,787     $ (2,752,166 )