Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.19.3
Discontinued Operations (Tables)
 12 Months Ended
Dec. 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 consolidated balance sheets as of December 31, 2018 and 2017 consisted of the following:

 

AMSG Assets and Liabilities:

 

    December 31, 2018     December 31, 2017  
             
Cash   $ 4,471     $ 9,273  
Accounts receivable, net     6,838       19,022  
Prepaid expenses and other current assets     25,477       25,477  
Current assets classified as held for sale   $ 36,786     $ 53,772  
                 
Property and equipment, net   $ -     $ -  
Deposits     -       -  
Non-current assets classified as held for sale   $ -     $ -  
                 
Accounts payable (includes related parties)   $ 532,858     $ 671,561  
Accrued expenses     418,932       375,165  
Current portion of notes payable     278,836       249,589  
Current liabilities classified as held for sale   $ 1,230,626     $ 1,296,315  
                 
Non-current liabilities classified as held for sale   $ -     $ -  

 

HTS Assets and Liabilities:

 

    December 31, 2018     December 31, 2017  
             
Cash   $ 2,523     $ 8,281  
Accounts receivable, net     90,743       160,715  
Prepaid expenses and other current assets     10,300       3,964  
Current assets classified as held for sale   $ 103,566     $ 172,960  
                 
Property and equipment, net   $ 5,790     $ 21,078  
Deposits     6,029       7,756  
Non-current assets classified as held for sale   $ 11,819     $ 28,834  
                 
Accounts payable (includes related parties)   $ 546,969     $ 407,404  
Accrued expenses     520,251       269,135  
Current liabilities classified as held for sale   $ 1,067,220     $ 676,539  

 

Consolidated Discontinued Operations Assets and Liabilities:

 

    December 31, 2018     December 31, 2017  
             
Cash   $ 6,994     $ 17,554  
Accounts receivable, net     97,581       179,737  
Prepaid expenses and other current assets     35,777       29,441  
Current assets classified as held for sale   $ 140,352     $ 226,732  
                 
Property and equipment, net   $ 5,790     $ 21,078  
Deposits     6,029       7,756  
Non-current assets classified as held for sale   $ 11,819     $ 28,834  
                 
Accounts payable (includes related parties)   $ 1,079,827     $ 1,078,965  
Accrued expenses     939,183       644,300  
Current portion of notes payable     278,836       249,589  
Current liabilities classified as held for sale   $ 2,297,846     $ 1,972,854  

 

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

 

AMSG Income (Loss) from Discontinued Operations:

 

    Year Ended December 31,  
    2018     2017  
             
Revenue from services   $ 102,991     $ 283,460  
Cost of services     38,299       12,575  
Gross profit     64,692       270,885  
Operating expenses     480,436       2,525,110  
Gain on sale of stock     (800,000 )     -  
Other expense     1,049       46,859  
Provision for income taxes    

-

      

-

  
Income (loss) from Discontinued Operations:   $ 383,207     $ (2,301,084 )

 

HTS Loss from Discontinued Operations:

 

    Year Ended December 31,  
    2018     2017  
             
Revenue from services (**)   $ 1,419,494     $ 1,650,109  
Cost of services     123,721       168,274  
Gross profit     1,295,773       1,481,835  
Operating expenses     2,108,880       3,402,860  
Other expense     4,943       54,809  
Provision for income taxes    

-

      

-

  
Loss from Discontinued Operations:   $ (818,050 )   $ (1,975,834 )

 

**Revenue from services, includes related party revenue of $0.7 million and $0.7 million, respectively

 

Consolidated Loss from Discontinued Operations:

 

    Year Ended December 31,  
    2018     2017  
             
Revenue from services   $ 1,522,485     $ 1,933,569  
Cost of services     162,020       180,849  
Gross profit     1,360,465       1,752,720  
Operating expenses     2,589,316       5,927,970  
Gain on sale of stock     (800,000 )     -  
Other expense     5,992       101,668  
Provision for income taxes    

-

      

-

  
Loss from Discontinued Operations:   $ (434,843 )   $ (4,276,918 )
Schedule of Fair Value of Acquired Assets and Liabilities Assumed

The following table summarizes the fair values of assets acquired and liabilities assumed at the acquisition date of Genomas. See the discussion below regarding the impairment of the goodwill acquired.

 

Cash   $ 7,990  
Accounts receivable, net     6,503  
Accounts payable and accrued expenses     (458,736 )
Deferred revenue     (20,000 )
Loans payable short-term     (142,514 )
Note payable long-term     (134,118 )
Total identifiable net liabilities     (740,875 )
Goodwill     914,972  
Total consideration   $ 174,097