DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

7.	DISCONTINUED OPERATIONS

On March 30, 2021, the Company has signed an instrument of transfer with our director, Mr. Li Gongming. Beginning on January 1, 2020, the Company historical financial results for periods prior to the above transaction have been reflected in our statement of income, retrospectively, as discontinued operations. Additionally, the related assets and liabilities associated with the discontinued operations in the prior year balance sheet are classified as discontinued operations. As such, as of June 30, 2021, the Company accounted for all of its assets, liabilities and results of operations up to March 30, 2021 as discontinued operations.

The following table shows the results of operations of the Company for three and six months ended June 30, 2021 and 2020 which are included in the loss from discontinued operations:

Schedule of discontinued operations
	Three Months Ended					Six months ended
	June 30,					June 30,
	2021		2020			2021			2020

Revenue	$	–	$	–		$	–		$	–
General and administrative		–		1,199			8,062			2,376
Loss from operations		–		(1,199	)		(8,062	)		(2,376	)
Other income (expense)		–		–			–			–
Loss before income tax		–		(1,199	)		(8,062	)		(2,376	)
Income tax expense (refund)		–		–			–			–
Net loss from discontinued operations	$	–	$	(1,199	)	$	(8,062	)	$	(2,376	)

The following table shows the loss from disposal of subsidiaries from carrying amounts of the major classes of assets and liabilities as of March 30, 2021:


	March 30,
	2021

Current Assets
Cash and cash equivalents	$	1,692
Prepaid expenses		724
Plant and equipment, net		1,116
Biological Assets		38,651
Amount due to director		(19,800	)
Accounts payable and accrued expenses		(14,504	)
Realized foreign currency translation due to disposal of subsidiaries		482
Loss from disposal of subsidiaries	$	8,361

TrueNorth Quantum Inc. 10-Q/A