| Schedule of components of assets and liabilities that are classified as discontinued operations |
The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's consolidated balance sheets as of September 30, 2014 and December 31, 2013:
| |
|
September 30,
|
|
|
December 31, |
|
| |
|
2014 |
|
|
2013 |
|
| |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
9,709 |
|
|
$ |
3,318 |
|
| Accounts receivable |
|
|
11,092 |
|
|
|
130,527 |
|
| Inventory |
|
|
43,903 |
|
|
|
100,855 |
|
| Prepaid expenses and other current assets |
|
|
77,511 |
|
|
|
244,816 |
|
| Assets of discontinued operations - current |
|
|
142,214 |
|
|
|
479,516 |
|
| Property and equipment, net |
|
|
1,567,058 |
|
|
|
1,322,698 |
|
| Security deposits |
|
|
84,904 |
|
|
|
181,571 |
|
| Assets of discontinued operations - long term |
|
|
1,651,962 |
|
|
|
1,504,269 |
|
| Accounts payable and accrued liabilities |
|
|
409,573 |
|
|
|
1,022,031 |
|
| Due to related parties |
|
|
2,489,146 |
|
|
|
2,500,960 |
|
| Liabilities of discontinued operations - current |
|
|
2,898,718 |
|
|
|
3,522,991 |
|
| Deferred rent payable |
|
|
686,503 |
|
|
|
661,709 |
|
| Net assets |
|
$ |
(1,791,045 |
) |
|
$ |
(2,200,915 |
) |
|
| Schedule of Discontinued Operations |
Summarized operating results related to these entities are included in discontinued operations in the accompanying consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2014 and 2013:
| |
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
- |
|
|
$ |
580,981 |
|
|
$ |
102,330 |
|
|
$ |
3,475,429 |
|
|
| Costs and Expenses |
|
|
(177,050 |
) |
|
|
2,927,632 |
|
|
|
1,196,706 |
|
|
|
9,180,887 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) from discontinued operations |
|
$ |
177,050 |
|
|
$ |
(2,346,651 |
) |
|
$ |
(1,094,376 |
) |
|
$ |
(5,705,458 |
) |
|
|