Quarterly report pursuant to Section 13 or 15(d)

Sale of Assets to Infinity Labs SD, Inc. and Discontinued Operations (Tables)

v3.21.2
Sale of Assets to Infinity Labs SD, Inc. and Discontinued Operations (Tables)
 3 Months Ended
Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of allocation of sale price
       
Customer base   $ 850,000  
Less: Funds remaining in escrow     (60,000 )
Less: Services due from buyer     (100,000 )
Less: Working capital adjustment     (80,000 )
Total proceeds   $ 610,000  
Assets and liabilities of disposal group
               
   

Three Months Ended

June 30, 

  
    2021     2020  
Revenues   $ –     $ 212,000  
Cost of Revenues     –       53,000  
Selling, general and administrative expenses     –       5,000  
Income from discontinued operations before tax     –       154,000  
Gain on disposal of discontinued operations before income taxes     –       795,000  
Total income from discontinued operations, before tax     –       949,000  
Income Tax benefit (expense)     –       –  
Income from discontinued operations, net of tax   $ –     $ 949,000