Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.21.2
Discontinued Operations (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2021 and December 31, 2020, respectively:

 

   

September 30,

2021

   

December 31,

2020

 
             
Assets                        
Current assets:                
Accounts receivable, net   $ -     $ 220,964  
Inventory     -       559,737  
Prepaid expenses and other current assets     -       261,980  
Total current assets     -       1,042,680  
Intangible assets, net     -       5,739,524  
Total assets   $ -     $ 6,782,204  
                 
Liabilities and stockholders’ equity                
Current liabilities:                
Accounts payable   $ -     $ 487,454  
Total current liabilities   $ -     $ 487,454  

 

The following table presents the summary results of operations of our discontinued operations for the three and nine months ended September 30, 2021 and 2020, respectively:

 

    2021     2020     2021     2020  
   

For the Three Months

Ended September 30,

    For the Nine Months
Ended September 30,
 
    2021     2020     2021     2020  
Revenues, net   $ -     $ 1,729,006       697,883       5,148,814  
Cost of revenues     -       1,163,630       490,195       3,103,171  
Gross profit     -       565,376       207,688       2,045,643  
                                 
Operating expenses:                                
Selling, general and administrative     -       856,883       385,888       2,253,011  
Operating income     -       (291,507 )     (178,200 )     (207,366 )
                                 
Other (expense) income:                                
(Loss) gain on disposal     (153,320 )     -       (4,933,900 )     4,911,760  
Total other (expense) income     (153,320 )     -       (4,933,900 )     4,911,760  
(Loss) income before income taxes     (153,320 )     (291,507 )     (5,112,100 )     4,704,394  
Income tax expense     -       -       -       -  
Net (loss) income   $ (153,320 )   $ (291,507 )     (5,112,100 )     4,704,394