Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.24.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2023
Discontinued Operations [Abstract]  
Schedule of Discontinued Operations in the Condensed Consolidated Statements of Operations The results of operations from discontinued operations for the years ended December 31, 2023 and 2022, have been reflected in the consolidated statements of operations and consist of the following:
    Years Ended
December 31,		  
    2023     2022  
Revenues   $
-
     $ 486,559  
Cost of services    
-
       113,195  
Gross margin    
-
       373,364  
General and administrative     518,958       2,601,074  
Research and Development    
-
      
-
  
Loss from discontinued operations     (518,958 )     (2,227,710 )
Gain on sale of accounts payable    
-
       34,090  
Litigation settlement             (14,947 )
Gain on sale of assets     65,048      
-
  
Loss from discontinued operations, before income tax     (453,910 )     (2,208,567 )
Income tax expense    
-
      
-
  
Net loss from discontinued operations, net of tax   $ (453,910 )   $ (2,208,567 )
Weighted-average common shares outstanding, basic and diluted
     1,226,600       1,262,339  
Basic and diluted loss per share from discontinued operations
   $ (0.42 )   $ (1.76 )

 
Schedule of Gain on the Sale of Assets The following table presents the gain on the sale of assets in Los Angeles, CA:
    As of
December 31,
2023		  
Cash proceeds   $ 109,500  
Proceeds to receive in installments     40,500  
Total   $ 150,000  
Less transaction costs     (11,250 )
Less book value of assets     (73,702 )
Gain on sale, before income tax   $ 65,048  
Income tax expense    
-
  
Gain on sale, net of tax   $ 65,048  
Schedule of Condensed Consolidated Statement of Cash Flows The following table presents non-cash items related to discontinued operations, which are included in the Company’s consolidated statement of cash flows:
    Year ended
December 31,
2023		  
Cash Flows From Operating Activities:      
Gain on sale of assets   $ (65,048 )
Supplemental disclosure of cash flow information:        
Amount due from sale of assets   $ 40,500