Annual report pursuant to Section 13 and 15(d)

Sale of Assets ??? Discontinued Operations (Tables)

v3.22.2
Sale of Assets – Discontinued Operations (Tables)
 12 Months Ended
Mar. 31, 2022
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
               
    Year ended March 31,  
    2022     2021  
Revenues   $ –     $ 214,000  
Cost of revenues     –       53,000  
Selling general and administrative expenses     –       38,000  
Income from discontinued operations before tax     –       123,000  
Gain on disposal of discontinued operations before income taxes     –       770,000  
Total income from discontinued operations, before tax     –       893,000  
Income Tax benefit (expense)     –       (228,000 )
Income from discontinued operations, net of tax   $ –     $ 665,000