Reconciliation
of revenue and expense items in discontinued operations in the consolidated statements of operations:
SCHEDULE OF DISCONTINUED OPERATION
|
|
Year Ended |
|
|
|
December 31, |
|
|
|
2020 |
|
|
|
|
|
REVENUES |
|
$ |
541,200 |
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
Payroll and related expenses |
|
|
515,741 |
|
General and administrative |
|
|
53,398 |
|
Total operating expenses |
|
|
569,139 |
|
Financing costs including interest |
|
|
46,967 |
|
Gain on debt extinguishment |
|
|
(1,032,160 |
) |
INCOME FROM DISCONTINUED OPERATIONS |
|
$ |
957,254 |
|
Reconciliation
of cash flows from operating activities and financing activities on the statements of cash flows:
|
|
Year Ended |
|
|
|
December 31, |
|
|
|
2020 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
Net income from discontinued operations |
|
$ |
957,254 |
|
Adjustments to reconcile net income to net cash provided by discontinued operations: |
|
|
|
|
Gain on forgiveness or assumption of promissory notes and accrued expenses |
|
|
(1,032,160 |
) |
Changes in operating assets and liabilities |
|
|
|
|
Increase in accounts payable and accrued expenses |
|
|
22,500 |
|
Increase in accrued interest - related party |
|
|
46,967 |
|
Net cash provided by operating activities |
|
|
(5,439 |
) |
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
Proceeds from promissory notes - related parties |
|
|
338,373 |
|
Repayments on promissory notes – related parties |
|
|
(1,590 |
) |
Net cash provided by financing activities |
|
|
336,783 |
|
|
|
|
|
|
Net cash provided by discontinued operations |
|
$ |
331,344 |
|
|