Quarterly report pursuant to Section 13 or 15(d)

ABANDONMENT OF SUBSIDIARY

ABANDONMENT OF SUBSIDIARY

6 Months Ended

Jun. 30, 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 six months ended June 30, 2021, all operations from REGS have been reported as discontinued operations.

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


	For the six months ended
	June 30,
	2022		2021

Services revenue	$	-	$	177,200

Services costs		-		(259,100	)
General and administrative expenses		-		(18,000	)
Salaries and related expenses		-		(99,500	)
Other income		-		65,700
Gain on debt extinguishment		-		-
Total expenses		-		(310,900	)

Operating income		-		(133,700	)
Income tax benefit		-		-

Total income from discontinued operations	$	-	$	(133,700	)