General form of registration statement for all companies including face-amount certificate companies

DISCONTINUED OPERATIONS (Tables)

v3.21.2
DISCONTINUED OPERATIONS (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]    
SCHEDULE OF DISCONTINUED OPERATION

Reconciliation of revenue and expense items in discontinued operations in the unaudited condensed statements of operations:

 

SCHEDULE OF DISCONTINUED OPERATION

             
  For the Three Months Ended     For the Nine Months Ended  
  September 30,     September 30,  
    2020     2020  
             
REVENUES   $ 191,199     $ 541,197  
                 
OPERATING EXPENSES              
Payroll and related expenses     106,310       320,463  
General and administrative     13,562       51,375  
Total operating expenses     119,872       371,838  
Operating Income     71,327       169,359  
Financing costs including interest     (15,271 )     (42,395 )
OTHER EXPENSE     (15,271 )     (42,395 )
INCOME FROM DISCONTINUED OPERATIONS   $ 56,056     $ 126,964

 

Reconciliation of cash flows from operating activities and financing activities on the unaudited condensed statements of cash flows:

 

 Nine Months ended  
  September 30,  
    2020  
CASH FLOWS FROM OPERATING ACTIVITIES    

 
Net income from discontinued operations   $ 126,964
Adjustments to reconcile net income to net cash provided by discontinued operations:        
Changes in operating assets and liabilities        
Increase in accounts payable and accrued expenses    

22,500

  
Increase in accrued interest - related party    

42,395

  
Net cash provided by operating activities   276,649
         
CASH FLOWS FROM FINANCING ACTIVITIES        
Proceeds from promissory notes - related parties    

290,373

  
Net cash provided by financing activities    

290,373

  
         
Net cash provided by discontinued operations   $ 482,232

A reconciliation of the major classes of line items constituting the income (loss) from discontinued operations, net of income taxes as is presented in the consolidated statements of operations for the years ended December 31, 2020, and 2019 are summarized below:

 

Reconciliation of liabilities included in current liabilities held for disposal on the consolidated balance sheet:

 

    2020     2019  
    Year ended December 31,  
    2020     2019  
Carrying amounts of major classes of liabilities included as part of liabilities held for disposal                
Accounts payable and accrued expenses   $ -     $ 15,000  
Accrued interest - related parties     -       15,426  
Notes payable - related parties     -       788,500  
Total liabilities included in the liabilities held for disposal   $ -     $ 818,926  

 

Reconciliation of revenue and expense items in discontinued operations on the consolidated statement of operations:

 

    2020     2019  
    Year ended December 31,  
    2020     2019  
             
REVENUES   $ 541,200     $ 916,667  
                 
OPERATING EXPENSES                
Payroll and related expenses     515,741       835,183  
Professional fees     -       7,500  
General and administrative     53,398       106,256  
Total Operating Expenses     569,139       948,939  
Financing costs including interest     46,967       15,426  
Gain on debt extinguishment     (1,032,160 )     -  
INCOME (LOSS) FROM DISCONTINUED OPERATIONS   $ 957,254     $ (47,698 )

 

Reconciliation of cash flows from operating activities and financing activities on the consolidated statement of cash flow:

 

    2020     2019  
    Year ended December 31,  
    2020     2019  
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income (Loss) from Discontinued Operations   $ 957,254     $ (47,698 ) 
Adjustments to reconcile net loss 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       15,000  
Increase in contract liabilities - related party     -       (117,667 )
Increase in accrued interest - related party     46,967       15,426  
Net cash used in operating activities     (5,439 )     (134,939 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES                
Proceeds from promissory notes - related parties     338,373       788,500  
Repayments on promissory notes - related parties     (1,590 )     -  
Net cash provided by financing activities     336,783       788,500  
                 
Net cash provided by discontinued operations   $ 331,344     $ 653,561