Annual report pursuant to Section 13 and 15(d)

Discontinued operations

v2.4.1.9
Discontinued operations
 12 Months Ended
Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued operations
Discontinued operations:
Management decided to cease operations for the following entities: One Atlantic City (2012), STKOUT Midtown (2013), BBCLV (2013), Heraea (2013), Miami Services (2014) and Tenjune (2014).

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 December 31, 2014 and 2013.

 
Years ended December 31,
 
2014
 
2013
 
 
 
 
Cash and cash equivalents
$
1,312

 
$
—

Accounts receivable
2,415

 
79,508

Inventory
15,609

 
—

Prepaid expenses and other current assets
48,340

 
146,785

Due from related parties
814,227

 
—

Assets of discontinued operations - current
881,903

 
226,293

Property and equipment, net
169,175

 
—

Security deposits
75,000

 
—

Assets of discontinued operations - long term
244,175

 
—

Accounts payable and accrued liabilities
551,266

 
—

Due to related parties
3,654,552

 
—

Liabilities of discontinued operations - current
4,205,818

 
—

Deferred rent payable
—

 
—

Net assets
$
(3,079,740
)
 
$
226,293


 


Summarized operating results related to these entities are included in discontinued operations in the accompanying consolidated statements of operations and comprehensive loss for the years ended December 31, 2014 and 2013:
 
 
Years ended December 31,
 
2014
 
2013
Revenue
$
102,330

 
$
3,882,598

Costs and expenses
1,594,886

 
9,995,554

 
 
 
 
Net loss from discontinued operations, net of tax
$
(1,492,556
)
 
$
(6,112,956
)