|
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 |
|
|