| Summary of major classes of assets and liabilities and operating results of IIU |
The impact of this transaction is reflected as a discontinued operation in the consolidated financial statements. Pursuant to ASU 2014-08, the major classes of assets and liabilities of IIU were as follows:
|
|
|
|
As of December 31, 2019
|
|
Major classes of assets
|
|
|
Cash
|
$ 246,914
|
|
Related party receivable
|
27,738
|
|
Prepaid expenses
|
2,301
|
|
Total major classes of current assets – discontinued assets
|
276,953
|
|
Fixed assets, net
|
27,245
|
|
Total major classes of assets – discontinued assets
|
$ 304,198
|
|
|
|
|
Accounts payable and accrued expenses
|
$ 144,006
|
|
Note payable – short term
|
100,672
|
|
Other liabilities
|
21,153
|
|
Income taxes payable
|
14,226
|
|
Total major classes of current liabilities – discontinued liabilities
|
280,057
|
|
|
|
|
Debt
|
517,584
|
|
Total major classes of liabilities - discontinued liabilities
|
$ 797,641
|
|
|
|
The operating results for IIU, Inc. have been presented in the accompanying consolidated financial statements of operations for the three months ended March 31, 2020 and 2019 as discontinued operations are summarize below
|
|
|
|
|
Three Months Ended March 31, 2020
|
Three Months Ended March 31, 2019
|
|
Revenue
|
$ -
|
$ 98,768
|
|
Total operating costs and expenses
|
-
|
226,866
|
|
Loss from discontinued operations
|
-
|
(128,098)
|
|
Other expense, net
|
-
|
6,755
|
|
Gain on disposal of discontinued operations
|
16,428
|
-
|
|
Net gain (loss) from discontinued operations
|
$ 16,428
|
$ (134,853)
|
|
|
|
|
|
Net cash used in operating activities
|
$ -
|
$ (55,180)
|
|
Net cash (used in) provided by investing activities
|
(246,914)
|
51,327
|
|
Net cash used in financing activities
|
|
(19,434)
|
|