| DISCONTINUED OPERATIONS |
NOTE 8 DISCONTINUED OPERATIONS
In March 2018, the Company approved the spin-off of VoiceInterop, Inc. into a separate company under a Form S-1 registration to be filed with the United States Securities and Exchange Commission. Therefore, the Company has presented the operations of this subsidiary as discontinued operations.
As of December 31, 2018 and September 30, 2018, assets and liabilities from discontinued operations are listed below:
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December 31,
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September 30,
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2018
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2018
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(unaudited)
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Current assets:
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Cash
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$ 1,991
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$ 285
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Accounts receivable, net
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36,403
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-
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Note and interest receivable related party
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25,336
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-
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Assets from discontinued operations
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63,730
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285
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Current liabilities:
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Accounts payable
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$ 64,275
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$ 10,086
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Deferred revenue, current portion
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19,820
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28,720
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Deferred rent, current portion
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2,510
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-
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Installment loan, net of debt issuance cost, current portion
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37,546
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-
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Due to unrelated parties
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68,000
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68,000
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Current liabilities from discontinued operations
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192,151
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106,806
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Long Term Liabilities
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Deferred revenue, net of current
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10,601
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-
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Deferred rent, long term portion
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1,212
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-
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Installment loan, net of current
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5,294
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-
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Long term liabilities from discontinued operations
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17,107
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-
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The following table illustrates the reporting of the discontinued operations included in the Statements of Operations for the three months ended December 31, 2018 and 2017.
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For the three months ended December 31, 2018
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For the three months ended December 31, 2017
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Revenue
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$ 45,551
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$22,618
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Cost of revenue
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8,994
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8,088
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Gross profit
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36,557
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14,530
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Operating expenses:
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Selling expenses
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4,706
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7,686
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Administrative expenses
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26,596
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13,591
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Total operating expenses
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31,302
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21,277
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Income (Loss) from operations
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5,255
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(6,747)
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Other Income (Expense)
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Other income
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1,596
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-
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Interest and other expense
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(1,405)
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-
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Total Other Income Expense
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191
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-
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Income (Loss) Before Income Taxes
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5,446
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(6,747)
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Provision for income taxes
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-
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-
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Income (Loss) from discontinued operations
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$ 5,446
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$ (6,747)
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