| DISCONTINUED SEM OPERATIONS |
NOTE
15 – DISCONTINUED SEM OPERATIONS
On
January 1, 2023, the Company’s board of directors, by unanimous consent, adopted a resolution to discontinue operations of the
Company’s wholly owned subsidiary, SEM, LLC. For the unaudited three and six months ended June 30, 2023 and 2022, all operations
from SEMS have been reported as discontinued operations.
The
following table presents the assets and liabilities associated with the discontinued operations of SEM:
SCHEDULE OF DISCONTINUED OPERATIONS
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
(unaudited) |
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
$ |
54,200 |
|
|
|
217,200 |
|
| Total Assets held for sale |
|
$ |
54,200 |
|
|
$ |
217,200 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
27,600 |
|
|
|
40,900 |
|
| Accrued liabilities |
|
|
10,000 |
|
|
|
10,000 |
|
| Current portion of long-term debt |
|
|
21,100 |
|
|
|
25,400 |
|
| Total current liabilities |
|
|
58,700 |
|
|
|
76,300 |
|
| |
|
|
|
|
|
|
|
|
| Long-term debt |
|
|
- |
|
|
|
9,200 |
|
| Total liabilities held for sale |
|
$ |
58,700 |
|
|
$ |
85,500 |
|
Major
classes of line items constituting pretax income on discontinued operations:
| |
|
2023 |
|
|
2022 |
|
| |
|
For the Six Months ended |
|
| |
|
June 30, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| Product revenue |
|
$ |
- |
|
|
$ |
120,400 |
|
| |
|
|
|
|
|
|
|
|
| Product costs |
|
|
- |
|
|
|
(130,500 |
) |
| General and administrative expenses |
|
|
(14,300 |
) |
|
|
(25,800 |
) |
| Salaries and related expenses |
|
|
- |
|
|
|
(17,200 |
) |
| Other income (expense) |
|
|
174,600 |
|
|
|
(2,200 |
) |
| Total income (expense) |
|
|
160,300 |
|
|
|
(175,700 |
) |
| |
|
|
|
|
|
|
|
|
| Operating income (loss) |
|
|
160,300 |
|
|
|
(55,300 |
) |
| Income tax benefit |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total income (loss) from discontinued operations |
|
$ |
160,300 |
|
|
$ |
(55,300 |
) |
|