Discontinued Operations

9 Months Ended

Sep. 30, 2014

Discontinued Operations

Discontinued Operations

18. Discontinued Operations

The Company suspended operations of ProElite effective June 30, 2013.  Following the repositioning of the Company as a specialty biopharmaceutical company, the Board of Directors voted to discontinue operations of ProElite effective March 31, 2014.  The assets and liabilities of ProElite are consolidated into the consolidated balance sheets as of June 30, 2014 and December 31, 2013 and are as follows:

	September 30,2014		December 31,2013
	(Unaudited)
Total assets	$	—	$	—
Accounts payable	—		167,244
Other accrued liabilities	—		16,250
Equity, net	—		(183,494		)
Total liabilities and accumulated deficit	$	—	$	—

The income statement details for ProElite that are summarized in the discontinued operations line in the consolidated statements of operations are as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014		2013
	(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
Revenues	$	—	$	—		$	—	$	71,667
Cost of revenues	—		—			—		—
Gross profit	—		—			—		71,667
Operating (income) expenses	—		(110,938		)	—		173,173
Interest expense	—		21,838			—		79,893
Net income attributed to non-controlling interests	—		(13,634		)	—		(28,065		)
Total (income) expenses	—		(102,374		)	—		153,334
Net income (loss)	$	—	$	102,374		$	—	$	(153,334	)