Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v3.19.2
Discontinued Operations
6 Months Ended
Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

NOTE 6 – 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 June 30, 2019 and December 31, 2018:

 

   

June 30,

2019

 

December 31,

2018

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 six months ended June 30, 2019 and 2018 and is included in the consolidated statements of operations as discontinued operations:

 

   

For the Three Months Ended

June 30,

 

For the Six Months Ended

June 30,

    2019   2018   2019   2018
                 
Revenues   $ —       $ —       $ —       $ —    
Cost of sales     —         —         —         —    
          Gross Margin     —         —         —         —    
Expenses                                
   Labor and related expenses     —         —         —         —    
   Rent     —         —         —         1,000  
   Depreciation and amortization     —         —         —         —    
   Professional fees     —         —         —         —    
   Other general and administrative     —         —         —         1,000  
          Total Operating Expenses     —         —         —         2,000  
          Operating Income (Loss)     —         —         —         (2,000 )
Other Income (Expense)                                
   Loss on disposal of assets     —         —         —         —    
Income (Loss) on discontinued operations   $ —       $ —       $ —       $ (2,000 )