| DISCONTINUED OPERATIONS |
NOTE 14 – DISCONTINUED OPERATIONS
During the year ended December 31, 2023, we sold and disposed of our
assets associated with the Clinics operations in Los Angeles, CA and disposed of our services in the U.K. The lease associated with the
related property in Los Angeles was assumed by the buyer in the transaction.
As of December 31, 2023, the carrying amounts
of the classes of assets and liabilities related to the discontinued operations of the Clinics operations were $0.
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 |
) |
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 |
|
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 |
|
|