Discontinued Operations

6 Months Ended

Jun. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

NOTE 9 – DISCONTINUED OPERATIONS

On April 25, 2015, the Company entered into a definitive agreement to sell all of the membership interests in Brackin O’Connor, LLC to the original members of Brackin O’Connor, LLC (“Brackin”), and at that time, a related party for $25,000 which was used to pay the remaining Note Payable principal balance and reduce the accrued interest on the Promissory Note to $13,383. As noted above, the Company entered into a settlement agreement with Mr. Brackin for the accrued interest on the Promissory Note resulting in the pay off and extinguishment of the accrued interest during the quarter ended June 30, 2016.

The assets and liabilities of the Company were segregated in the balance sheet and appropriately labeled as discontinued. The components of the discontinued assets and liabilities as of April 25, 2015 were as follows:


Cash	$	4,413
Fixed Assets	$	23,243
Less: Accumulated Depreciation	$	(20,491	)
Reduction in Note Payable and Accrued Interest	$	25,000

The net amount of the components of the discontinued assets and liabilities as of April 25, 2015 totaled $17,835 and were record to additional paid in capital.

As of the Company’s sale, income and expenses are netted in the income statement and appropriately labeled as discontinued operations. The results of discontinued operations are presented in the schedule below:


	Three Months Ending June 30,				Six Months Ending June 30,
	2016		2015		2016		2015
Gain (loss) from Discontinued Operations:
Revenue	$	—	$	550	$	—	$	2,200
Less: Depreciation		—		323		—		1,487
Less: Operating Expenses		—		—		—		684
Gain (loss) from Discontinued Operations	$	—	$	227	$	—	$	29

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

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