Quarterly report pursuant to Section 13 or 15(d)

ABANDONMENT OF SUBSIDIARY

ABANDONMENT OF SUBSIDIARY

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

NOTE 15 – ABANDONMENT OF SUBSIDIARY

On September 1, 2021, the Company’s board of directors, by unanimous consent, adopted a resolution to abandon the Company’s wholly owned subsidiary, REGS, LLC. The abandonment resulted in a gain to the Company of approximately $1.5 million for the year ended December 31, 2021. For the three months ended March 31, 2021, all operations from REGS have been reported as discontinued operations.

Major classes of line items constituting pretax income on discontinued operations:

	2022		2021
	For the three months ended
	March 31,
	2022		2021

Services revenue	$	-	$	177,200

Services costs		-		(179,600	)
General and administrative expenses		-		(2,700	)
Salaries and related expenses		-		(29,000	)
Other income		-		67,600
Gain on debt extinguishment		-		-
Total expenses		-		(143,700	)

Operating income		-		33,500
Income tax benefit		-		-

Total income from discontinued operations	$	-	$	33,500