Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.19.3
Discontinued Operations (Tables)
 3 Months Ended
Mar. 31, 2019
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, 2019     December 31, 2018  
    (unaudited)     (unaudited)  
Cash   $ 3,419     $ 4,471  
Accounts receivable, net     9,921       6,838  
Prepaid expenses and other current assets     -       25,477  
Current assets classified as held for sale   $ 13,340     $ 36,786  
                 
Accounts payable (includes related parties)   $ 540,991     $ 532,858  
Accrued expenses     460,720       418,932  
Current portion of notes payable     274,536       278,836  
Current liabilities classified as held for sale   $ 1,276,247     $ 1,230,626  

 

HTS Assets and Liabilities:            
             
    March 31, 2019     December 31, 2018  
    (unaudited)     (unaudited)  
Cash   $ 8,629     $ 2,523  
Accounts receivable, net     128,397       90,743  
Prepaid expenses and other current assets     7,725       10,300  
Current assets classified as held for sale   $ 144,751     $ 103,566  
                 
Property and equipment, net   $ 8,419     $ 5,790  
Deposits     6,029       6,029  
Non-current assets classified as held for sale   $ 14,448     $ 11,819  
                 
Accounts payable (includes related parties)   $ 659,562     $ 546,969  
Accrued expenses     568,347       520,251  
Current liabilities classified as held for sale   $ 1,227,909     $ 1,067,220  

 

Total Discontinued Assets and Liabilities:            
    March 31, 2019     December 31, 2018  
    (unaudited)     (unaudited)  
Cash   $ 12,048     $ 6,994  
Accounts receivable, net     138,318       97,581  
Prepaid expenses and other current assets     7,725       35,777  
Current assets classified as held for sale   $ 158,091     $ 140,352  
                 
Property and equipment, net   $ 8,419     $ 5,790  
Deposits     6,029       6,029  
Non-current assets classified as held for sale   $ 14,448     $ 11,819  
                 
Accounts payable (includes related parties)   $ 1,200,553     $ 1,079,827  
Accrued expenses     1,029,067       939,183  
Current portion of notes payable     274,536       278,836  
Current liabilities classified as held for sale   $ 2,504,156     $ 2,297,846  

 

Major line items constituting loss from discontinued operations in the condensed consolidated statements of operations for the three months ended March 31, 2019 and 2018 consisted of the following:

 

AMSG (Loss) Income from Discontinued Operations:            
    Three Months Ended  
    March 31, 2019     March 31, 2018  
    (unaudited)     (unaudited)  
Revenue from services   $ 22,982     $ 33,685  
Cost of services     16,655       16,138  
Gross profit     6,327       17,547  
Operating expenses     102,610       176,202  
Other (income) expense     25,960       (800,196 )
Provision for income taxes     -       -  
(Loss) income from discontinued operations   $ (122,243 )   $ 641,541  

 

HTS Loss from Discontinued Operations:            
    Three Months Ended     
    March 31, 2019     March 31, 2018  
    (unaudited)     (unaudited)  
Revenue from services   $ 120,089     $ 355,147  
Cost of services     32,190       34,218  
Gross profit     87,899       320,929  
Operating expenses     474,265       538,199  
Other (income) expense     -       2,478  
Provision for income taxes     -       -  
Loss from discontinued operations   $ (386,366 )   $ (219,748 )

 

Consolidated (Loss) Income from Discontinued Operations:            
    Three Months Ended  
    March 31, 2019     March 31, 2018  
    (unaudited)     (unaudited)  
Revenue from services   $ 143,071     $ 388,832  
Cost of services     48,845       50,356  
Gross profit     94,226       338,476  
Operating expenses     576,875       714,401  
Other (income) expense     25,960       (797,718 )
Provision for income taxes     -       -  
(Loss) income from discontinued operations   $ (508,609 )   $ 421,793