Annual report pursuant to Section 13 and 15(d)

ABANDONMENT OF SUBSIDIARY (Tables)

v3.23.1
ABANDONMENT OF SUBSIDIARY (Tables)
 12 Months Ended
Dec. 31, 2022
Abandonment Of Subsidiary  
SCHEDULE OF CONSTITUTING BALANCE SHEET AND PRETAX INCOME (LOSS) ON DISCONTINUED OPERATIONS

Major classes of line items constituting the balance sheet on discontinued operations:

 

    September 30,  
    2021  
       
ASSETS        
Cash and cash equivalents   $ -  
Inventory     -  
Prepaid expenses and other current assets     -  
Property and equipment, net     -  
Right of use assets     -  
Other assets     18,900  
TOTAL ASSETS   $ 18,900  
         
LIABILITIES        
Accounts payable   $ 169,100  
Accrued liabilities     220,800  
Payroll taxes payable     1,076,800  
Customer deposits     10,200  
Paycheck protection program liabilities     -  
Current portion of lease liabilities     -  
Accrued interest - related party     -  
TOTAL LIABILITIES   $ 1,476,900  

 

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

 

    For the year ended  
    December 31,  
    2021  
       
Services revenue   $ 177,200  
         
Services costs     (314,900 )
General and administrative expenses     (40,800 )
Salaries and related expenses     (150,800 )
Other income     210,800  
Gain on debt extinguishment     410,600  
Total expenses     114,900  
         
Operating income     292,100  
Income tax benefit     -  
         
Total income from discontinued operations   $ 292,100  
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:

    Year Ended
December 31,		  
    2021  
Assets, net     (18,900 )
Liabilities - Other, net including intercompany assets     391,500  
IRS payroll tax liability     1,085,400  
         
Gain on abandonment     1,458,000