Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v3.10.0.1
Discontinued Operations
9 Months Ended
Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

NOTE 8 – DISCONTINUED OPERATIONS

 

Restaurant

 

Through our other wholly owned subsidiary, E.A.J.: PHL Airport, Inc., we owned and operated the restaurant “Eat at Joe’s®,” which was located in the Philadelphia International Airport since 1997. Our lease in the Philadelphia Airport expired in April 2017. Concurrent with expiration of the lease the restaurant closed. Pursuant to current accounting guidelines, the restaurant segment is reported as discontinued operations.

 

The following table summarizes the assets and liabilities of our discontinued restaurant segment's discontinued operations as of September 30, 2018 and December 31, 2017:

 

    September 30, 2018   December 31, 2017
Assets:                
Total Assets   $ —       $ —    
                 
Liabilities:                
   Accounts payable and accrued liabilities   $ 22,000     $ 22,000  
Total Liabilities   $ 22,000     $ 22,000  

 

The following table summarizes the results of operations of our discontinued restaurant for the three and nine months ended September 30, 2018 and 2017 and is included in the consolidated statements of operations as discontinued operations:

 

    For the Three Months Ended September 30,   For the Nine Months Ended September 30,
    2018   2017   2018   2017
                 
Revenues   $ —       $ —       $ —       $ 421,000  
Cost of sales     —         —         —         134,000  
          Gross Margin     —         —         —         287,000  
Expenses                                
   Labor and related expenses     —         —         —         178,000  
   Rent     —         —         1,000       82,000  
   Depreciation and amortization     —         —         —         20,000  
   Professional fees     —         23,000       —         26,000  
   Other general and administrative     —         5,000       1,000       94,000  
          Total Operating Expenses     —         28,000       2,000       400,000  
          Operating Income (Loss)     —         (28,000 )     (2,000 )     (113,000 )
Other Income (Expense)                                
   Loss on disposal of assets     —         —         —         (19,000 )
Income (Loss) on discontinued operations   $ —       $ (28,000 )   $ (2,000 )   $ (132,000 )