Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.21.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 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 consolidated balance sheets as of December 31, 2020 and 2019 consisted of the following:

 

AMSG & HTS Group Assets and Liabilities:

 

    December 31, 2020     December 31, 2019  
             
Cash   $ 31,294     $ 16,667  
Accounts receivable, net     151,363       482,472  
Prepaid expenses and other current assets     1,717       5,150  
Current assets classified as held for sale   $ 184,374     $ 504,289  
                 
Property and equipment, net   $ 685     $ 3,354  
Deposits     -       6,029  
Right of use assets     -       -  
Non-current assets classified as held for sale   $ 685     $ 9,383  
                 
Accounts payable   $ 726,220     $ 805,652  
Accrued expenses     1,308,283       1,350,106  
Current portion of right-of-use operating lease obligations     -       -  
Current portion of notes payable     168,751       256,274  
Current liabilities classified as held for sale   $ 2,203,254     $ 2,412,032  
                 
Note payable   $ 69,267     $ -  
Right-of-use operating lease liability     -       -  
Non-current liabilities classified as held for sale   $ 69,267     $ -  

 

EPIC Reference Labs, Inc. and Other Subsidiaries Assets and Liabilities

 

    December 31, 2020     December 31, 2019  
             
Cash   $ 136     $ 1,100  
Accounts receivable, net     -       -  
Prepaid expenses and other current assets     -       -  
Current assets classified as held for sale   $ 136     $ 1,100  
                 
Property and equipment, net   $ -     $ -  
Deposits     100,014       100,014  
Right-of-use assets     100,116       185,842  
Non-current assets classified as held for sale   $ 200,130     $ 285,856  
                 
Accounts payable   $ 1,185,158     $ 1,235,976  
Accrued expenses     334,667       364,683  
Current portion of right-of-use operating lease obligations     91,166       85,726  
Current portion of notes payable     -       -  
Current liabilities classified as held for sale   $ 1,610,991     $ 1,686,385  
                 
Note payable   $ -     $ -  
Right-of-use operating lease liability     8,950       100,116  
Non-current liabilities classified as held for sale   $ 8,950     $ 100,116  

 

Consolidated Discontinued Operations Assets and Liabilities:

 

    December 31, 2020     December 31, 2019  
             
Cash   $ 31,430     $ 17,767  
Accounts receivable, net     151,363       482,472  
Prepaid expenses and other current assets     1,717       5,150  
Current assets classified as held for sale   $ 184,510     $ 505,389  
                 
Property and equipment, net   $ 685     $ 3,354  
Deposits     100,014       106,043  
Right-of-use assets     100,116       185,842  
Non-current assets classified as held for sale   $ 200,815     $ 295,239  
                 
Accounts payable   $ 1,911,378     $ 2,041,628  
Accrued expenses     1,642,950       1,714,789  
Current portion of right-of-use operating lease obligations     91,166       85,726  
Current portion of notes payable     168,751       256,274  
Current liabilities classified as held for sale   $ 3,814,245     $ 4,098,417  
                 
Note payable   $ 69,267     $ -  
Right-of-use operating lease liability     8,950       100,116  
Non-current liabilities classified as held for sale   $ 78,217     $ 100,116  

 

Major line items constituting loss from discontinued operations in the consolidated statements of operations for the years ended December 31, 2020 and 2019 consisted of the following:

 

AMSG & HTS Group Loss from Discontinued Operations:

 

    Year Ended  
    December 31, 2020     December 31, 2019  
             
Revenue from services**   $ 528,624     $ 1,109,135  
Cost of services     5,536       150,205  
Gross profit     523,088       958,930  
Operating expenses     1,045,410       1,615,477  
Other expense     84,129       62,771  
Provision for income taxes     -       -  
Loss from discontinued operations   $ (606,451 )   $ (719,318 )

 

**Revenue from services, includes related party revenue of $0.2 million and $0.4 million, respectively.

 

EPIC Reference Labs, Inc. and Other Subsidiaries Loss from Discontinued Operations

 

    Year Ended  
    December 31, 2020     December 31, 2019  
             
Revenue from services (1)   $ 442     $ (14,087 )
Cost of services     -       85,982  
Gross profit     442       (100,069 )
Operating expenses     138,816       589,638  
Other expense (income)     (48,758 )     41,844  
Provision for income taxes     -       -  
Loss from discontinued operations   $ (89,616 )   $ (731,551 )

 

  (1) The Company recorded bad debts in excess of gross revenues in the year ended December 31, 2019.

 

Consolidated Loss from Discontinued Operations:

 

    Year Ended  
    December 31, 2020     December 31, 2019  
             
Revenue from services   $ 529,066     $ 1,095,048  
Cost of services     5,536       236,187  
Gross profit     523,530       858,861  
Operating expenses     1,184,226       2,205,115  
Other expense, net     35,371       104,615  
Provision for income taxes     -       -  
Loss from discontinued operations   $ (696,067 )   $ (1,450,869 )