Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v3.20.2
Discontinued Operations
9 Months Ended
Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]  
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 September 30, 2020 and December 31, 2019, and for the three and nine months ended September 30, 2020 and 2019.

 

The carrying amount of major classes of assets and liabilities included as part of discontinued operations are as follows:

 

    September 30, 2020     December 31, 2019  
              (Note 1)  
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   $ (149,541 )   $ (286,600 )

 

The major line items comprising the loss of discontinued operations are as follows:

 

    Three Months
September 30, 2020
    Three Months
September 30, 2019
 
Restaurant revenues   $     —     $ 2,327,427  
Expenses:                
Administration expenses           (141,306 )
Cost of sales           (867,335 )
Depreciation and amortization           (81,167 )
Restaurant operating expenses           (1,195,578 )
Other income           13,303  
            (2,272,083 )
Income of discontinued operations         $ 55,344  

  

    Nine Months
September 30, 2020
    Nine Months
September 30, 2019
 
Restaurant revenues   $      —     $ 7,047,442  
Expenses:                
Administration expenses           (494,533 )
Cost of sales           (2,589,736 )
Depreciation and amortization           (246,271 )
Restaurant operating expenses           (3,770,721 )
Other income           121,315  
            (6,979,946 )
Income of discontinued operations   $     $ 67,496  

 

Cash flows from discontinued operations is as follows:

 

    Nine Months Ended  
    September 30, 2020     September 30, 2019  
Cash flows used in Operations Activities   $      —     $ (309,822 )
Cash flows used in Investing Activities           (2,586  )
Cash flows provided by Financing Activities           178,905  
Effect of exchange rate changes from discontinued operations on cash             10,563  
Net cash used in Discontinued Operations   $     $ (122,940 )