Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.21.1
Discontinued Operations (Tables)
3 Months Ended
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Balance Sheets and Income Operations of Discontinued Operations

The following table presents the carrying values of the assets and liabilities of our discontinued operations at March 31, 2021 and December 31, 2020, respectively:

 

    March 31, 2021     December 31, 2020  
             
Assets                
Current assets:                
Accounts receivable, net   413,962     $ 220,964  
Inventory     779,918       559,737  
Prepaid expenses and other current assets     160,666       261,980  
Total current assets     1,354,546       1,042,680  
Total assets   $ 1,354,546     $ 1,042,680  
                 
Liabilities and stockholders’ equity                
Current liabilities:                
Accounts payable   $ 589,363     $ 487,454  
Total current liabilities   $ 589,363     $ 487,454  

 

The following table presents the summary results of operations of our discontinued operations for the three months ended March 31, 2021 and 2020, respectively:

 

   

For the Three Months

Ended March 31,

 
    2021     2020  
Revenues, net   $ 697,883     $ 1,713,764  
Cost of revenues     490,195       1,054,693  
Gross profit     207,688       659,071  
                 
Operating expenses:                
Selling, general and administrative     286,602       903,764  
Operating income     78,914       (244,693 )
                 
Other (expense) income:                
Gain on divestiture     -       4,911,760  
Total other (expense) income     -       4,911,760  
(Loss) income before income taxes     78,914       4,667,067  
Income tax expense     -       -  
Net (loss) income   $ 78,914     $ 4,667,067