| 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 nine months ended September 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
| |
|
September 30, |
|
|
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
(unaudited) |
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
$ |
54,300 |
|
|
|
217,200 |
|
| Total Assets held for sale |
|
$ |
54,300 |
|
|
$ |
217,200 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
29,800 |
|
|
|
40,900 |
|
| Accrued liabilities |
|
|
10,000 |
|
|
|
10,000 |
|
| Current portion of long-term debt |
|
|
14,200 |
|
|
|
34,600 |
|
| Total current liabilities |
|
|
54,000 |
|
|
|
85,500 |
|
| |
|
|
|
|
|
|
|
|
| Total liabilities held for sale |
|
$ |
54,000 |
|
|
$ |
85,500 |
|
Major
classes of line items constituting pretax income on discontinued operations:
| |
|
2023 |
|
|
2022 |
|
| |
|
For
the Nine Months ended |
|
| |
|
September
30, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| Services
revenue |
|
$ |
- |
|
|
$ |
120,400 |
|
| |
|
|
|
|
|
|
|
|
| Services
costs |
|
|
- |
|
|
|
(275,100 |
) |
| General
and administrative expenses |
|
|
(14,700 |
) |
|
|
(56,800 |
) |
| Salaries
and related expenses |
|
|
- |
|
|
|
(38,400 |
) |
| Other
income (expense) |
|
|
174,600 |
|
|
|
(3,200 |
) |
| Total
income (expense) |
|
|
159,900 |
|
|
|
(373,500 |
) |
| |
|
|
|
|
|
|
|
|
| Operating
income (loss) |
|
|
159,900 |
|
|
|
(253,100 |
) |
| Income
tax benefit |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total
income (loss) from discontinued operations |
|
$ |
159,900 |
|
|
$ |
(253,100 |
) |
|