Disposal of Subsidiaries |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2022 | |||
| Disposal of Subsidiaries [Abstract] | |||
| Disposal of Subsidiaries |
On February 15, 2022, High Wire sold its 50% interest in JTM for $525,000, to be paid with an initial payment of $200,000 and thirteen monthly payments of $25,000. As of March 31, 2022, cash of $275,000 had been received, and ten monthly payments totaling $250,000 remain outstanding.
The Company considered whether or not this transaction would cause JTM to qualify for discontinued operations treatment. The Company determined that the sale of JTM qualifies for discontinued operations treatment as of December 31, 2021 due to the size of JTM’s operations and because the sale represents a strategic shift (refer to Note 18, Discontinued Operations, for additional detail).
In connection with the sale, the Company recorded a gain on disposal of subsidiary of $919,873 to the unaudited condensed consolidated statement of operations for the three months ended March 31, 2022. This amount is included within loss on discontinued operations, net of tax on the unaudited condensed consolidated statement of operations. |