Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.19.3.a.u2
DISCONTINUED OPERATIONS (Tables)
12 Months Ended
Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations Included in Statements of Operations and Assets and Liabilities in Discontinued Operations

As of September 30, 2019 and September 30, 2018, assets and liabilities from discontinued operations are listed below:


 

September 30,

 

September 30,

 

2019

 

2018

Current assets:

     

Cash

 $         4,136

 

$              285

Assets from discontinued operations

 $         4,136

 

$              285

       

Current liabilities:

     

Accounts payable and accrued expenses

 $       77,584

 

$          10,086

Deferred revenue, current portion

          23,492

 

28,720

Deferred rent, current portion

               896

 

-

Installment loan, net, current portion

          14,587

 

-

Due to unrelated parties

          68,000

 

68,000

Current liabilities from discontinued operations

        184,559

 

106,806

       

Long Term Liabilities

     

Deferred revenue, net of current

            9,987

 

-

Deferred rent, long term portion

               680

 

-

Long term liabilities from discontinued operations

         10,667

 

-

Liabilities from discontinued operations

 $    195,226

 

$        106,806

 

The following table illustrates the reporting of the discontinued operations included in the Statements of Operations for the years ended September 30, 2019 and 2018.


 

For the year

 

For the year

 

ended

 

ended

 

September 30, 2019

 

September 30, 2018

Revenue

 $            87,254

 

 $         191,635

Cost of Revenue

               38,910

 

              80,604

Gross Profit

               48,344

 

             111,031

       

Operating Expenses:

     

   Selling expenses

                17,032

 

               28,300

   Administrative expenses

                71,770

 

               64,200

   Professional fees

             66,968

 

               60,817

   Acquisition costs

                       -

 

               35,000

   Total Operating Expenses

         155,770

 

         188,317

       

Loss from operations

              (107,426)

 

              (77,286)

       

Other Income (Expense)

     

Other Income

               23,358

 

                  3,442

Interest and other (expense)

              (20,479)

 

                       -

Total Other Income

                 2,879

 

                  3,442

       

Loss Before Income Taxes

              (104,547)

 

              (73,844)

Provision for Income Taxes

                        -

 

                       -

Loss from discontinued operations

 $      (104,547)

 

 $       (73,844)