| DISCONTINUED SEM OPERATIONS |
NOTE
13 – 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 years ended December 31, 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
| |
|
December 30, |
|
|
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
$ |
54,300 |
|
|
|
217,200 |
|
| Total Assets held for sale |
|
$ |
54,300 |
|
|
$ |
217,200 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
25,700 |
|
|
|
40,800 |
|
| Accrued liabilities |
|
|
10,000 |
|
|
|
10,000 |
|
| Current portion of long-term debt |
|
|
7,200 |
|
|
|
25,400 |
|
| Total current liabilities |
|
|
42,900 |
|
|
|
76,200 |
|
| |
|
|
|
|
|
|
|
|
| Long-term debt |
|
|
- |
|
|
|
9,200 |
|
| Total liabilities held for sale |
|
$ |
42,900 |
|
|
$ |
85,400 |
|
Major
classes of line items constituting pretax income on discontinued operations:
| |
|
2023 |
|
|
2022 |
|
| |
|
For the Years Ended |
|
| |
|
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| Services revenue |
|
$ |
- |
|
|
$ |
120,400 |
|
| |
|
|
|
|
|
|
|
|
| Services costs |
|
|
- |
|
|
|
(300,500 |
) |
| General and administrative expenses |
|
|
(15,900 |
) |
|
|
(96,200 |
) |
| Salaries and related expenses |
|
|
- |
|
|
|
(53,800 |
) |
| Other income (expense) |
|
|
175,600 |
|
|
|
(800 |
) |
| Impairment loss |
|
|
- |
|
|
|
(319,700 |
) |
| Total income (expense) |
|
|
159,700 |
|
|
|
(771,000 |
) |
| |
|
|
|
|
|
|
|
|
| Operating income (loss) |
|
|
159,700 |
|
|
|
(650,600 |
) |
| Income tax benefit |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total income (loss) from discontinued operations |
|
$ |
159,700 |
|
|
$ |
(650,600 |
) |
|