Annual report [Section 13 and 15(d), not S-K Item 405]

Discontinued Operations (Tables)

v3.25.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2024
Discontinued Operations [Abstract]  
Schedule of Results of Operations from Discontinued Operations Reflected in Consolidated Statements of Operations

The results of operations from discontinued operations for the years ended December 31, 2024 and 2023, have been reflected in the consolidated statements of operations and consist of the following:

 

    Years Ended
December 31,		  
    2024     2023  
Revenues   $ -     $ -  
Cost of services     -       -  
Gross margin     -       -  
General and administrative     -       518,958  
Research and Development     -       -  
Loss from discontinued operations     -       (518,958 )
Gain on sale of accounts payable     -       -  
Litigation settlement    
 
       -  
Gain on sale of assets     -       65,048  
Loss from discontinued operations, before income tax     -       (453,910 )
Income tax expense     -       -  
Net loss from discontinued operations, net of tax   $ -     $ (453,910 )
Weighted-average common shares outstanding, basic and diluted     1,096,082       1,226,600  
Basic and diluted loss per share from discontinued operations   $ -     $ (0.42 )
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 Non-cash Items Related to Discontinued Operations included in 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