Annual report pursuant to Section 13 and 15(d)

Discontinued Operations and Disposition of Operating Segment (Tables)

v3.20.1
Discontinued Operations and Disposition of Operating Segment (Tables)
12 Months Ended
Dec. 31, 2019
Disposal Group, Including Discontinued Operation, Assets [Abstract]  
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