Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.22.1
Discontinued Operations (Tables)
12 Months Ended
Dec. 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 December 31, 2021 and 2020, respectively:

 

    2021     2020  
   

For the Twelve Months

Ended December 31,

 
    2021     2020  
             
Assets                
Current assets:                
Cash and cash equivalents   $ -     $ -  
Accounts receivable, net     -       220,964  
Inventory     -       559,737  
Prepaid expenses and other current assets     -       261,979  
Income tax receivable     -       -  
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  
Accrued expenses and other current liabilities     -       -  
Line of credit     -       -  
Notes payable, current     -       -  
Due to related party     -       -  
Total current liabilities   $ -     $ 487,454  

 

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

 

    2021     2020  
Revenues, net   $ 697,883     $ 6,492,360  
Cost of revenues     490,195       3,979,258  
Gross profit     207,688       2,513,102  
                 
Operating expenses:                
Selling, general and administrative     385,888       3,481,517  
Operating income     (178,200 )     (968,415 )
                 
Other (expense) income:                
(Loss) gain on disposal     (4,933,900 )     6,153,675
Total other (expense) income     (4,933,900 )     6,153,675
Loss before income taxes     (5,112,100 )     5,185,260  
Income tax expense     -       12,940  
Net (loss) income   $ (5,112,100 )   $ 5,172,320