Annual report pursuant to Section 13 and 15(d)

Discontinued operations

v3.3.1.900
Discontinued operations
 12 Months Ended
Dec. 31, 2015
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 related to discontinued operations in the Company's consolidated balance sheets as of December 31, 2015 and 2014.

 
As of December 31,
 
2015
 
2014
 
 
 
 
Cash and cash equivalents
$
787

 
$
1,312

Accounts receivable
—

 
2,415

Inventory
—

 
15,609

Prepaid expenses and other current assets
47,376

 
48,340

Assets of discontinued operations - current
48,163

 
67,676

Property and equipment, net
—

 
169,175

Security deposits
75,000

 
75,000

Assets of discontinued operations - long term
75,000

 
244,175

Accounts payable and accrued liabilities
409,108

 
551,266

Liabilities of discontinued operations - current
409,108

 
551,266

Net assets
$
(285,945
)
 
$
(239,415
)

 


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, 2015 and 2014:
 
 
Years ended December 31,
 
2015
 
2014
Revenue
$
—

 
$
102,330

Costs and expenses
2,476

 
1,594,886

 
 
 
 
Net loss from discontinued operations, net of tax
$
(2,476
)
 
$
(1,492,556
)