Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.20.2
Discontinued Operations (Tables)
 3 Months Ended
Mar. 31, 2020
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, 2020     December 31, 2019  
      (unaudited)          
Cash   $ 968     $ 452  
Accounts receivable, net     -       -  
Prepaid expenses and other current assets     -       -  
Current assets classified as held for sale   $ 968     $ 452  
                 
Property and equipment, net   $ -     $ -  
Deposits     -       -  
Non-current assets classified as held for sale   $ -     $ -  
                 
Accounts payable   $ 491,206     $ 491,206  
Accrued expenses     556,545       565,943  
Current portion of notes payable     253,076       256,274  
Current liabilities classified as held for sale   $ 1,300,827     $ 1,313,423  

 

HTS Assets and Liabilities:

 

    March 31, 2020     December 31, 2019  
      (unaudited)          
Cash   $ 1,921     $ 17,315  
Accounts receivable, net     475,483       482,472  
Prepaid expenses and other current assets     4,292       5,150  
Current assets classified as held for sale   $ 481,696     $ 504,937  
                 
Property and equipment, net   $ 3,114     $ 3,354  
Deposits     1,500       6,029  
Non-current assets classified as held for sale   $ 4,614     $ 9,383  
                 
Accounts payable   $ 676,581     $ 668,895  
Accrued expenses     814,543       810,184  
Current liabilities classified as held for sale   $ 1,491,124     $ 1,479,079  

 

Consolidated Discontinued Operations Assets and Liabilities:

 

    March 31, 2020     December 31, 2019  
      (unaudited)          
Cash   $ 2,889     $ 17,767  
Accounts receivable, net     475,483       482,472  
Prepaid expenses and other current assets     4,292       5,150  
Current assets classified as held for sale   $ 482,664     $ 505,389  
                 
Property and equipment, net   $ 3,114     $ 3,354  
Deposits     1,500       6,029  
Non-current assets classified as held for sale   $ 4,614     $ 9,383  
                 
Accounts payable   $ 1,167,787     $ 1,160,101  
Accrued expenses     1,371,088       1,376,127  
Current portion of notes payable     253,076       256,274  
Current liabilities classified as held for sale   $ 2,791,951     $ 2,792,502  

 

Major line items constituting loss from discontinued operations in the unaudited condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019 consisted of the following:

 

AMSG Loss from Discontinued Operations:

 

    Three Months Ended  
    March 31, 2020     March 31, 2019  
      (unaudited)       (unaudited)  
Revenue from services   $ -     $ 22,982  
Cost of services     -       16,655  
Gross profit     -       6,327  
Operating expenses     963       102,610  
Other expense     6,297       25,960  
Provision for income taxes     -       -  
Loss from discontinued operations   $ (7,260 )   $ (122,243 )

 

HTS Loss from Discontinued Operations:

 

    Three Months Ended  
    March 31, 2020     March 31, 2019  
      (unaudited)       (unaudited)  
Revenue from services   $ 159,068     $ 120,089  
Cost of services     8,777       32,190  
Gross profit     150,291       87,899  
Operating expenses     182,806       474,265  
Other expense     -       -  
Provision for income taxes     -       -  
Loss from discontinued operations   $ (32,515 )   $ (386,366 )

 

Consolidated Loss from Discontinued Operations:

 

    Three Months Ended  
    March 31, 2020     March 31, 2019  
    (unaudited)     (unaudited)  
Revenue from services   $ 159,068     $ 143,071  
Cost of services     8,777       48,845  
Gross profit     150,291       94,226  
Operating expenses     183,769       576,875  
Other expense     6,297       25,960  
Provision for income taxes     -       -  
Loss from discontinued operations   $ (39,775 )   $ (508,609 )