Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS (Tables)

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

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