Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.21.2
DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
SCHEDULE OF DISCONTINUED OPERATION

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

 

    2021   2020   2021   2020
    For the three months ended   For the six months ended
    June 30,   June 30,
    2021   2020   2021   2020
                 
REVENUES   $ -     $ 175,000     $ -     $ 350,000  
                                 
OPERATING EXPENSES                                
Payroll and related expenses     -       99,761       -       214,153  
General and administrative     -       12,769       -       37,815  
Total Operating Expenses     -       112,530       -       251,968  
Financing costs including interest     -       14,043       -       27,124  
INCOME FROM DISCONTINUED OPERATIONS   $ -     $ 48,427     $ -     $ 70,908  

 

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

 

    2021   2020
    For the six months ended
    June 30,
    2021   2020
CASH FLOWS FROM OPERATING ACTIVITIES                
Net Income from Discontinued Operations   $ -     $ 70,908  
Adjustments to reconcile net loss to net cash provided by discontinued operations:            
Changes in operating assets and liabilities            
Increase in accounts payable and accrued expenses     -       15,000  
Increase in accrued interest - related party     -       27,124  
Net cash used in operating activities   $ -     $ 113,032  
                 
CASH FLOWS FROM FINANCING ACTIVITIES                
Proceeds from promissory notes - related parties             147,673  
Net cash provided by financing activities     -       147,673  
                 
Net cash provided by discontinued operations   $ -     $ 260,705