Annual report pursuant to Section 13 and 15(d)

Discontinued operations

v3.7.0.1
Discontinued operations
 12 Months Ended
Dec. 31, 2016
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, 2016 and 2015.

 
As of December 31,
 
2016
 
2015
 
 
 
 
Cash and cash equivalents
$
—

 
$
787

Accounts receivable
—

 
—

Inventory
—

 
—

Prepaid expenses and other current assets
47,376

 
47,376

Assets of discontinued operations - current
47,376

 
48,163

Property and equipment, net
—

 
—

Security deposits
75,000

 
75,000

Assets of discontinued operations - long term
75,000

 
75,000

Accounts payable and accrued liabilities
495,248

 
409,108

Liabilities of discontinued operations - current
495,248

 
409,108

Net assets
$
(372,872
)
 
$
(285,945
)

 


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, 2016 and 2015:
 
 
Years ended December 31,
 
2016
 
2015
Revenue
$
—

 
$
—

Costs and expenses
92,090

 
2,476

 
 
 
 
Net loss from discontinued operations, net of tax
$
(92,090
)
 
$
(2,476
)