Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.20.2
Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 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:

 

    June 30, 2020     December 31, 2019  
    (unaudited)        
Cash   $ 1,093     $ 452  
Accounts receivable, net     -       -  
Prepaid expenses and other current assets     -       -  
Current assets classified as held for sale   $ 1,093     $ 452  
                 
Property and equipment, net   $ -     $ -  
Deposits     -       -  
Non-current assets classified as held for sale   $ -     $ -  
                 
Accounts payable   $ 491,566     $ 491,206  
Accrued expenses     544,410       565,943  
Current portion of notes payable     134,118       256,274  
Current liabilities classified as held for sale   $ 1,170,094     $ 1,313,423  

 

HTS Assets and Liabilities:

 

    June 30, 2020     December 31, 2019  
    (unaudited)        
Cash   $ 28,208     $ 17,315  
Accounts receivable, net     177,144       482,472  
Prepaid expenses and other current assets     3,433       5,150  
Current assets classified as held for sale   $ 208,785     $ 504,937  
                 
Property and equipment, net   $ 2,140     $ 3,354  
Deposits     -       6,029  
Non-current assets classified as held for sale   $ 2,140     $ 9,383  
                 
Accounts payable   $ 355,375     $ 668,895  
Accrued expenses     777,634       810,184  
Current liabilities classified as held for sale   $ 1,133,009     $ 1,479,079  

 

Consolidated Discontinued Operations Assets and Liabilities:

 

    June 30, 2020     December 31, 2019  
    (unaudited)        
Cash   $ 29,301     $ 17,767  
Accounts receivable, net     177,144       482,472  
Prepaid expenses and other current assets     3,433       5,150  
Current assets classified as held for sale   $ 209,878     $ 505,389  
                 
Property and equipment, net   $ 2,140     $ 3,354  
Deposits     -       6,029  
Non-current assets classified as held for sale   $ 2,140     $ 9,383  
                 
Accounts payable   $ 846,941     $ 1,160,101  
Accrued expenses     1,322,044       1,376,127  
Current portion of notes payable     134,118       256,274  
Current liabilities classified as held for sale   $ 2,303,103     $ 2,792,502  

 

Major line items constituting income (loss) from discontinued operations in the unaudited condensed consolidated statements of operations for the three months ended June 30, 2020 and 2019 consisted of the following:

 

AMSG Income (Loss) from Discontinued Operations:

 

    Three Months Ended  
    June 30, 2020     June 30, 2019  
    (unaudited)     (unaudited)  
Revenue from services   $ -     $ 25,500  
Cost of services     -       7,105  
Gross profit     -       18,395  
Operating expenses     14,624       74,008  
Other expense     17,294       3,002  
Provision for income taxes     -       -  
Loss from discontinued operations   $ (31,918 )   $ (58,615 )

 

HTS Income (Loss) from Discontinued Operations:

 

    Three Months Ended  
    June 30, 2020     June 30, 2019  
    (unaudited)     (unaudited)  
Revenue from services   $ 103,110     $ 351,380  
Cost of services     2,212       31,304  
Gross profit     100,898       320,076  
Operating expenses     52,807       406,712  
Other expense     -       -  
Provision for income taxes     -       -  
Income (loss) from discontinued operations   $ 48,091     $ (86,636 )

 

Consolidated Income (Loss) from Discontinued Operations:

 

    Three Months Ended  
    June 30, 2020     June 30, 2019  
    (unaudited)     (unaudited)  
Revenue from services   $ 103,110     $ 376,880  
Cost of services     2,212       38,409  
Gross profit     100,898       338,471  
Operating expenses     67,431       480,720  
Other expense     17,294       3,002  
Provision for income taxes     -       -  
Income (loss) from discontinued operations   $ 16,173     $ (145,251 )

 

Major line items constituting income (loss) from discontinued operations in the unaudited condensed consolidated statements of operations for the six months ended June 30, 2020 and 2019 consisted of the following:

 

AMSG Income (Loss) from Discontinued Operations:

 

    Six Months Ended  
    June 30, 2020     June 30, 2019  
    (unaudited)     (unaudited)  
Revenue from services   $ -     $ 48,482  
Cost of services     -       23,760  
Gross profit     -       24,722  
Operating expenses     15,587       176,618  
Other expense     23,591       28,962  
Provision for income taxes     -       -  
Loss from discontinued operations   $ (39,178 )   $ (180,858 )

 

HTS Income (Loss) from Discontinued Operations:

 

    Six Months Ended  
    June 30, 2020     June 30, 2019  
    (unaudited)     (unaudited)  
Revenue from services   $ 262,178     $ 471,469  
Cost of services     10,989       63,494  
Gross profit     251,189       407,975  
Operating expenses     235,613       880,977  
Other expense     -       -  
Provision for income taxes     -       -  
Income (loss) from discontinued operations   $ 15,576     $ (473,002 )

 

Consolidated Income (Loss) from Discontinued Operations:

 

    Six Months Ended  
    June 30, 2020     June 30, 2019  
    (unaudited)     (unaudited)  
Revenue from services   $ 262,178     $ 519,951  
Cost of services     10,989       87,254  
Gross profit     251,189       432,697  
Operating expenses     251,200       1,057,595  
Other expense     23,591       28,962  
Provision for income taxes     -       -  
Loss from discontinued operations   $ (23,602 )   $ (653,860 )