• Filing Date: 2016-11-15
  • Form Type: 10-Q/A
  • Description: Quarterly report (Amendment)
v3.5.0.2
7. DISCONTINUED OPERATION (Tables)
9 Months Ended
Sep. 30, 2016
Discontinued operations  
Operating results for discontinued operations
Fair value of consideration  $629,668 
Fair value of retained non-controlling investment    
Carrying value of non-controlling interest   (215,861)
    413,807 
Less: carrying value of former subsidiary's net assets   (1,439,077)
Gain on disposal of LP&L's interest and retained non-controlling investment   1,852,884 
Loss from discontinued operation from January 1, 2015 to April 7, 2015  $(278,463)
Carrying value of net assets on the deconsolidation date
Cash  $37,294 
Accounts receivable   804,137 
Inventory   14,802 
Collateral Postings   136,997 
Accrued Revenue   414,683 
Fixed assets   29,475 
Collateral Deposit   200,000 
Accounts payable and accrued liabilities   (1,658,957)
Note Payable-related party   (117,124)
Note payable   (837,040)
Due to Premier   (463,344)
Carrying value of former subsidiary's net assets  $(1,439,077)
Major assets and liabilities of the discontinued operation
   December 31, 2014 
     
Cash  $23,698 
Accounts receivable   810,446 
Inventory   42,319 
Collateral Postings   286,997 
Accrued Revenue   479,406 
Fixed assets   33,928 
Collateral Deposit   200,000 
Assets of discontinued operations  $1,876,694 
      
Accounts payable and accrued liabilities   1,209,359 
Note Payable-related party   141,860 
Note payable   991,400 
Current liabilities of discontinued operations  $2,342,619 
Major line items constituting net loss of the discontinued operations
   2015 
     
Revenues  $2,287,851 
Cost of sales   2,144,747 
Gross profit   143,104 
Selling, general and administrative expenses   421,567 
      
Loss on discontinued operations  $(278,463)