Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.20.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 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 consolidated balance sheets as of December 31, 2019 and 2018 consisted of the following:

 

AMSG Assets and Liabilities:

 

    December 31, 2019     December 31, 2018  
             
Cash   $ 452     $ 4,471  
Accounts receivable, net     -       6,838  
Prepaid expenses and other current assets     -       25,477  
Current assets classified as held for sale   $ 452     $ 36,786  
                 
Property and equipment, net   $ -     $ -  
Deposits     -       -  
Non-current assets classified as held for sale   $ -     $ -  
                 
Accounts payable (includes related parties)   $ 491,206     $ 532,858  
Accrued expenses     565,943       418,932  
Current portion of notes payable     256,274       278,836  
Current liabilities classified as held for sale   $ 1,313,423     $ 1,230,626  
                 
Non-current liabilities classified as held for sale   $ -     $ -  

 

HTS Assets and Liabilities:

 

    December 31, 2019     December 31, 2018  
             
Cash   $ 17,315     $ 2,523  
Accounts receivable, net     482,472       90,743  
Prepaid expenses and other current assets     5,150       10,300  
Current assets classified as held for sale   $ 504,937     $ 103,566  
                 
Property and equipment, net   $ 3,354     $ 5,790  
Deposits     6,029       6,029  
Non-current assets classified as held for sale   $ 9,383     $ 11,819  
                 
Accounts payable (includes related parties)   $ 668,895     $ 546,969  
Accrued expenses     810,184       520,251  
Current liabilities classified as held for sale   $ 1,479,079     $ 1,067,220  
                 
Non-current liabilities classified as held for sale   $ -     $ -  

 

Consolidated Discontinued Operations Assets and Liabilities:

 

    December 31, 2019     December 31, 2018  
             
Cash   $ 17,767     $ 6,994  
Accounts receivable, net     482,472       97,581  
Prepaid expenses and other current assets     5,150       35,777  
Current assets classified as held for sale   $ 505,389     $ 140,352  
                 
Property and equipment, net   $ 3,354     $ 5,790  
Deposits     6,029       6,029  
Non-current assets classified as held for sale   $ 9,383     $ 11,819  
                 
Accounts payable (includes related parties)   $ 1,160,101     $ 1,079,827  
Accrued expenses     1,376,127       939,183  
Current portion of notes payable     256,274       278,836  
Current liabilities classified as held for sale   $ 2,792,502     $ 2,297,846  
                 
Non-current liabilities classified as held for sale   $ -     $ -  

 

Major line items constituting loss from discontinued operations in the consolidated statements of operations for the years ended December 31, 2019 and 2018 consisted of the following:

 

AMSG (Loss) Income from Discontinued Operations:

 

    Year Ended December 31,  
    2019     2018  
             
Revenue from services   $ 64,868     $ 102,991  
Cost of services     36,648       38,299  
Gross profit     28,220       64,692  
Operating expenses     287,659       480,436  
Gain on sale of stock     -       (800,000 )
Other expense     62,771       1,049  
Provision for income taxes     -       -  
(Loss) income from Discontinued Operations:   $ (322,210 )   $ 383,207  

 

HTS Loss from Discontinued Operations:

 

    Year Ended December 31,  
    2019     2018  
             
Revenue from services (**)   $ 1,046,699     $ 1,419,494  
Cost of services     113,557       123,721  
Gross profit     933,142       1,295,773  
Operating expenses     1,388,443       2,108,880  
Other expense     -       4,943  
Provision for income taxes     -       -  
Loss from Discontinued Operations:   $ (455,301 )   $ (818,050 )

 

**Revenue from services, includes related party revenue of $0.4 million and $0.7 million, respectively

 

Consolidated Loss from Discontinued Operations:

 

    Year Ended December 31,  
    2019     2018  
             
Revenue from services   $ 1,111,567     $ 1,522,485  
Cost of services     150,205       162,020  
Gross profit     961,362       1,360,465  
Operating expenses     1,676,102       2,589,316  
Gain on sale of stock     -       (800,000 )
Other expense     62,771       5,992  
Provision for income taxes     -       -  
Loss from Discontinued Operations:   $ (777,511 )   $ (434,843 )