| Discontinued Operations |
3. DISCONTINUED OPERATIONS
The Company sold Just Fresh and its South Africa
Hooters locations in 2019. Because of the sale, the Company has reclassified the operations of Just Fresh and the South Africa
Hooters locations to discontinued operations as of June 30, 2020 and December 31, 2019, and for the three and six months ended
June 30, 2020 and 2019.
The carrying amount of major classes of assets
and liabilities included as part of discontinued operations are as follows:
| |
|
(Unaudited) |
|
|
|
|
| |
|
Six Months
June 30, 2020
|
|
|
Year Ended
December 31, 2019
|
|
| Other receivable |
|
$ |
30,084 |
|
|
$ |
149,000 |
|
| Total assets |
|
|
30,084 |
|
|
|
149,000 |
|
| |
|
|
|
|
|
|
|
|
| Accounts payable and accrued expenses |
|
|
179,625 |
|
|
|
435,600 |
|
| Total liabilities |
|
|
179,625 |
|
|
|
435,600 |
|
| |
|
|
|
|
|
|
|
|
| Net assets of discontinued operations |
|
$ |
(149,521 |
) |
|
$ |
(286,600 |
) |
The major line items comprising the loss of
discontinued operations are as follows:
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
| |
|
Three Months |
|
|
Three Months |
|
| |
|
June 30, 2020 |
|
|
June 30, 2019 |
|
| Restaurant revenues |
|
$ |
- |
|
|
$ |
2,359,833 |
|
| Expenses: |
|
|
|
|
|
|
|
|
| Administrative expenses |
|
|
- |
|
|
|
194,490 |
|
| Cost of sales |
|
|
- |
|
|
|
866,897 |
|
| Depreciation and amortization |
|
|
- |
|
|
|
82,060 |
|
| Restaurant operating expenses |
|
|
- |
|
|
|
1,299,082 |
|
| Other (income) expense |
|
|
- |
|
|
|
(158,796 |
) |
| |
|
|
- |
|
|
|
2,283,733 |
|
| Income (Loss) of discontinued operations |
|
$ |
- |
|
|
$ |
76,100 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
| |
|
Six Months |
|
|
Six Months |
|
| |
|
June 30, 2020 |
|
|
June 30, 2019 |
|
| Restaurant revenues |
|
$ |
- |
|
|
$ |
4,720,015 |
|
| Expenses: |
|
|
|
|
|
|
|
|
| Administrative expenses |
|
|
- |
|
|
|
353,227 |
|
| Cost of sales |
|
|
- |
|
|
|
1,722,401 |
|
| Depreciation and amortization |
|
|
- |
|
|
|
165,104 |
|
| Restaurant operating expenses |
|
|
- |
|
|
|
2,575,143 |
|
| Other (income) expense |
|
|
- |
|
|
|
(108,012 |
) |
| |
|
|
- |
|
|
|
4,707,863 |
|
| Income (Loss) of discontinued operations |
|
$ |
- |
|
|
$ |
12,152 |
|
Cash flows from discontinued operations is as follows:
| |
|
Six Months Ended |
|
| |
|
June 30, 2020 |
|
|
June 30, 2019 |
|
| |
|
|
|
|
|
|
| Cash flows provided by (used in) Operating Activities |
|
$ |
— |
|
|
$ |
166,576 |
|
| Cash flows provided by (used in) Investing Activities |
|
|
— |
|
|
|
(131,011 |
) |
| Cash flows provided by (used in) Financing Activities |
|
|
— |
|
|
|
— |
|
| Net Cash Provided by (Used in) Discontinued Operations |
|
$ |
— |
|
|
$ |
35,565 |
|
|