Quarterly report pursuant to Section 13 or 15(d)

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

v3.21.2
Discontinued Operations: Sale of Assets to Infinity Labs SD, Inc (Tables)
 6 Months Ended
Sep. 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 September 30,     Six Months Ended September 30,  
    2021     2020     2021     2020  
Revenues   $ –     $ 2,000     $ –     $ 214,000  
Cost of revenues     –       –       –       53,000  
Selling general and administrative expenses     –       33,000       –       39,000  
Income (loss) from discontinued operations before tax     –       (31,000 )     –       122,000  
Gain on disposal of discontinued operations before income taxes     –       –       –       795,000  
Total income (loss) from discontinued operations, before tax     –       (31,000 )     –       917,000  
Income tax benefit (expense)     –       –       –       –  
Income (loss) from discontinued operations, net of tax   $ –     $ (31,000 )   $ –     $ 917,000