| SCHEDULE OF CONSTITUTING BALANCE SHEET AND PRETAX INCOME (LOSS) ON DISCONTINUED OPERATIONS |
Major classes of line items constituting the balance
sheet on discontinued operations:
SCHEDULE
OF CONSTITUTING BALANCE SHEET AND PRETAX INCOME (LOSS) ON DISCONTINUED OPERATIONS
| |
|
September 3, |
|
|
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
- |
|
|
|
500 |
|
| Inventory |
|
|
- |
|
|
|
88,800 |
|
| Prepaid expenses and other current assets |
|
|
- |
|
|
|
14,500 |
|
| Property and equipment, net |
|
|
- |
|
|
|
700 |
|
| Right of use assets |
|
|
- |
|
|
|
30,600 |
|
| Other assets |
|
|
18,900 |
|
|
|
9,900 |
|
| TOTAL ASSETS |
|
$ |
18,900 |
|
|
$ |
145,000 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
169,100 |
|
|
|
267,500 |
|
| Accrued liabilities |
|
|
220,800 |
|
|
|
227,700 |
|
| Payroll taxes payable |
|
|
1,076,800 |
|
|
|
1,085,400 |
|
| Customer deposits |
|
|
10,200 |
|
|
|
10,200 |
|
| Paycheck protection program liabilities |
|
|
- |
|
|
|
337,500 |
|
| Current portion of lease liabilities |
|
|
- |
|
|
|
31,000 |
|
| Accrued interest - related party |
|
|
- |
|
|
|
1,800 |
|
| TOTAL LIABILITIES |
|
$ |
1,476,900 |
|
|
$ |
1,961,100 |
|
Major
classes of line items constituting pretax income (loss) on discontinued operations:
| |
|
|
|
|
|
|
| |
|
For the years ended |
|
| |
|
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
|
|
|
|
|
| Services revenue |
|
$ |
177,200 |
|
|
$ |
171,400 |
|
| |
|
|
|
|
|
|
|
|
| Services costs |
|
|
(314,900 |
) |
|
|
(423,700 |
) |
| General and administrative expenses |
|
|
(40,800 |
) |
|
|
(102,300 |
) |
| Salaries and related expenses |
|
|
(150,800 |
) |
|
|
(328,600 |
) |
| Other income |
|
|
210,800 |
|
|
|
253,400 |
|
| Gain on debt extinguishment |
|
|
410,600 |
|
|
|
- |
|
| Total expenses |
|
|
114,900 |
|
|
|
(601,200 |
) |
| |
|
|
|
|
|
|
|
|
| Operating
income (loss) |
|
|
292,100 |
|
|
|
(429,800 |
) |
| Income tax benefit |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total
income (loss) from discontinued operations |
|
$ |
292,100 |
|
|
$ |
(429,800 |
) |
|
| SCHEDULE OF NET ASSETS AND LIABILITIES DISPOSED OF RESULTING IN THE GAIN ON THE ABANDONMENT |
The
net assets and liabilities disposed of, resulting in the gain on the abandonment, are summarized in the following table:
SCHEDULE
OF NET ASSETS AND LIABILITIES DISPOSED OF RESULTING IN THE GAIN ON THE ABANDONMENT
| |
|
Year Ended |
|
| |
|
December
31, 2021 |
|
| Assets, net |
|
|
(18,900 |
) |
| Liabilities - Other, net including intercompany
assets |
|
|
400,100 |
|
| IRS payroll tax liability |
|
|
1,076,800 |
|
| Gain on abandonment |
|
|
1,458,000 |
|
|