Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.21.1
Discontinued Operations (Tables)
 3 Months Ended
Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 consisted of the following:

 

AMSG & HTS Group Assets and Liabilities:

 

    March 31, 2021     December 31, 2020  
    (unaudited)        
Cash   $ 6,887     $ 31,294  
Accounts receivable, net     138,466       151,363  
Prepaid expenses and other current assets     858       1,717  
Current assets classified as held for sale   $ 146,211     $ 184,374  
                 
Property and equipment, net   $ 948     $ 685  
Deposits     -       -  
Right of use assets     -       -  
Non-current assets classified as held for sale   $ 948     $ 685  
                 
Accounts payable and checks issued in excess of bank balance   $ 711,305     $ 726,220  
Accrued expenses     1,311,146       1,308,283  
Current portion of right-of-use operating lease obligation     -       -  
Current portion of notes payable     216,269       168,751  
Current liabilities classified as held for sale   $ 2,238,720     $ 2,203,254  
                 
Note payable   $ 82,151     $ 69,267  
Right-of-use operating lease obligation     -       -  
Non-current liabilities classified as held for sale   $ 82,151     $ 69,267  

 

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

 

    March 31, 2021     December 31, 2020  
    (unaudited)        
Cash   $ 1,596     $ 136  
Accounts receivable, net     -       -  
Prepaid expenses and other current assets     -       -  
Current assets classified as held for sale   $ 1,596     $ 136  
                 
Property and equipment, net   $ -     $ -  
Deposits     100,014       100,014  
Right-of-use assets     76,587       100,116  
Non-current assets classified as held for sale   $ 176,601     $ 200,130  
                 
Accounts payable  and checks in excess of bank balance   $ 1,193,766     $ 1,185,158  
Accrued expenses     334,882       334,667  
Current portion of right-of-use operating lease obligation     76,587       91,166  
Current portion of notes payable     -       -  
Current liabilities classified as held for sale   $ 1,605,235     $ 1,610,991  
                 
Note payable   $ -     $ -  
Right-of-use operating lease obligation     -       8,950  
Non-current liabilities classified as held for sale   $ -     $ 8,950  

 

Consolidated Discontinued Operations Assets and Liabilities:

 

    March 31, 2021     December 31, 2020  
    (unaudited)        
Cash   $ 8,483     $ 31,430  
Accounts receivable, net     138,466       151,363  
Prepaid expenses and other current assets     858       1,717  
Current assets classified as held for sale   $ 147,807     $ 184,510  
                 
Property and equipment, net   $ 948     $ 685  
Deposits     100,014       100,014  
Right-of-use assets     76,587       100,116  
Non-current assets classified as held for sale   $ 177,549     $ 200,815  
                 
Accounts payable and checks issued in excess of bank balance   $ 1,905,071     $ 1,911,378  
Accrued expenses     1,646,028       1,642,950  
Current portion of right-of-use operating lease obligation     76,587       91,166  
Current portion of notes payable     216,269       168,751  
Current liabilities classified as held for sale   $ 3,843,955     $ 3,814,245  
                 
Note payable   $ 82,151     $ 69,267  
Right-of-use operating lease obligation     -       8,950  
Non-current liabilities classified as held for sale   $ 82,151     $ 78,217  

 

Major line items constituting (loss) income from discontinued operations in the consolidated statements of operations for the three months ended March 31, 2021 and 2020 consisted of the following (unaudited):

 

AMSG & HTS Group (Loss) Income from Discontinued Operations:

 

    Three Months Ended  
    March 31, 2021     March 31, 2020  
             
Revenue from services**   $ 118,216     $ 159,067  
Cost (recovery) of services     390       8,777  
Gross profit     117,826       150,290  
Operating expenses     283,500       184,368  
Other expense     9,790       25,931  
Provision for income taxes     -       -  
(Loss) income from discontinued operations   $ (175,464 )   $ (60,009 )

 

**Revenue from services, includes related party revenue of $62,316 and $23,400, respectively.

 

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

 

    Three Months Ended  
    March 31, 2021     March 31, 2020  
             
Revenue from services   $ -     $ 442  
Cost (recovery) of services (1)     -       (110,257 )
Gross profit     -       110,699  
Operating expenses     48,097       29,116  
Other expense     3,105       2,643  
Provision for income taxes     -       -  
(Loss) income from discontinued operations   $ (51,202 )   $ 78,940  

 

Consolidated (Loss) Income from Discontinued Operations:

 

    Three Months Ended  
    March 31, 2021     March 31, 2020  
             
Revenue from services   $ 118,216     $ 159,509  
Cost (recovery) of services (1)     390       (101,480 )
Gross profit     117,826       260,989  
Operating expenses     331,597       213,484  
Other expense     12,895       28,574  
Provision for income taxes     -       -  
(Loss) income from discontinued operations   $ (226,666 )   $ 18,931  

 

  (1) Costs (recovery) of services in 2020 reflect a reduction of $130,000 in the amount previously recorded for laboratory supplies due to the settlement of a claim during the period.