Schedule of discontinued operations |
|
|
Years Ended December 31, |
|
|
|
2019 |
|
|
2018 |
|
SERVICE REVENUES |
|
$ |
4,579,745 |
|
|
$ |
6,077,667 |
|
COST OF REVENUE |
|
|
4,172,320 |
|
|
|
7,863,673 |
|
GROSS PROFIT (LOSS) |
|
|
407,425 |
|
|
|
(1,786,006 |
) |
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
Research and development |
|
|
205,000 |
|
|
|
322,269 |
|
General and administrative |
|
|
2,245,394 |
|
|
|
9,119,772 |
|
Depreciation and amortization |
|
|
395,081 |
|
|
|
354,657 |
|
TOTAL OPERATING EXPENSES |
|
|
2,845,475 |
|
|
|
9,796,698 |
|
|
|
|
|
|
|
|
|
|
OPERATING LOSS |
|
|
(2,438,050 |
) |
|
|
(11,582,704 |
) |
|
|
|
|
|
|
|
|
|
Other income, net |
|
|
12,827 |
|
|
|
- |
|
Interest expense, net |
|
|
- |
|
|
|
(409,082 |
) |
|
|
|
|
|
|
|
|
|
LOSS FROM DROPCAR DISCONTINUED OPERATIONS |
|
|
(2,425,223 |
) |
|
|
(11,991,786 |
) |
INCOME FROM SUISUN CITY DISCONTINUED OPERATIONS |
|
|
- |
|
|
|
315,119 |
|
LOSS FROM OPERATIONS OF DISCONTINUED COMPONENTS |
|
|
(2,425,223 |
) |
|
|
(11,676,667 |
) |
LOSS ON SALE OF SUISUN CITY COMPONENT |
|
|
- |
|
|
|
(4,169,718 |
) |
LOSS FROM DISCONTINUED OPERATIONS |
|
$ |
(2,425,223 |
) |
|
$ |
(15,846,385 |
) |
Assets and liabilities of discontinued operations held for sale included
the following:
|
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
Cash |
|
$ |
81,457 |
|
|
$ |
415,569 |
|
Accounts receivable, net |
|
|
210,671 |
|
|
|
295,626 |
|
Prepaid expenses and other current assets |
|
|
83,058 |
|
|
|
107,768 |
|
Current assets held for sale |
|
$ |
375,186 |
|
|
$ |
818,963 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
$ |
25,723 |
|
|
$ |
39,821 |
|
Capitalized software costs, net |
|
|
410,261 |
|
|
|
659,092 |
|
Operating lease right-of-use asset |
|
|
1,886 |
|
|
|
- |
|
Other assets |
|
|
3,525 |
|
|
|
3,525 |
|
Noncurrent assets held for sale |
|
$ |
441,395 |
|
|
$ |
702,438 |
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
|
737,862 |
|
|
|
1,033,489 |
|
Deferred revenue |
|
|
302,914 |
|
|
|
253,200 |
|
Current liabilities held for sale |
|
$ |
1,040,776 |
|
|
$ |
1,286,689 |
|
|
Discontinued operations - other |
Sales price |
|
$ |
3,500,000 |
|
Commissions and various transaction costs |
|
|
(332,220 |
) |
Net sales proceeds |
|
|
3,167,780 |
|
|
|
|
|
|
Carrying amounts of assets, net of liabilities |
|
|
7,337,498 |
* |
Loss on sale of Suisun City Operations |
|
$ |
(4,169,718 |
) |
Revenues |
|
$ |
13,730,252 |
|
Cost of revenues |
|
|
10,836,754 |
|
Gross profit |
|
|
2,893,498 |
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
2,285,661 |
|
Depreciation and amortization |
|
|
287,830 |
|
Total Operating Expenses |
|
|
2,573,491 |
|
|
|
|
|
|
Interest expense, net |
|
|
4,888 |
|
|
|
|
|
|
Net income from discontinued operations |
|
$ |
315,119 |
|
|