Quarterly report pursuant to Section 13 or 15(d)

Acquisitions and Divestitures (Tables)

v3.21.2
Acquisitions and Divestitures (Tables)
6 Months Ended
Jun. 30, 2021
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]  
Schedule of Business Combination of Assets and Liabilities

The table below shows the assets and liabilities that the Company was relieved of in the transaction:

 

   

February 17,

2020

 
Accounts payable     4,005,605  
Accrued Expenses     370,289  
Income Tax Payable     14,473  
Notes Payable     900,000  
Non-Controlling Interest     26,393  
Shares to be issued to Buyer     (405,000 )
Gain on divestiture   $ 4,911,760  
BTL [Member]  
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]  
Schedule of Loss on Income Operations of Discontinued Operations

The table below shows the assets that the Company transferred to BTL and the components of the loss on discontinued operations:

 

    June 30, 2021  
Cash received from buyer     2,529,565  
         
Accounts receivable     (293,005 )
Inventory     (665,522 )
Prepaid expenses     (160,666 )
Intangible assets     (5,540,952 )
Loss on divestiture     4,130,580  
Operating loss of discontinued operations     178,200  
Bankruptcy costs     650,000  
Loss on discontinued operations     4,958,780