Discontinued Operations

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 3 – Discontinued Operations

On September 18, 2020, the Company entered into a Purchase and Sale Agreement with Mr. LightHouse LTD., an Israeli corporation (“MLH”) pursuant to which the Company agreed to sell and assign to MLH, effective July 1, 2020 all the shares, and certain specified liabilities, of Ugopherservices Corp. (“UGO”), a wholly owned subsidiary of the Company, in consideration of $100,000 to be paid through the delivery of a promissory note payable to the Company (the “Note”), upon the terms and subject to the limitations and conditions set forth in the Note. There is no material relationship between the Company, on one hand, and MLH, on the other hand. At December 31, 2020, the Company determined that this note receivable was not collectible and took an impairment charge of $100,000. During July 2021, MLH effected a $50,000 payment on the Note.

UGO has been presented as discontinued operations on the accompanying financial statements.

The operating results for UGO have been presented in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 as discontinued operations and are summarized below:

	Three Months Ended June 30,
	2021		2020
Revenue	$	—	$	4,029,102
Cost of revenue		—		3,855,309
Gross Profit		—		173,793
Operating expenses		—		138,227
Loss from operations		—		35,566
Other income (expenses)		—		—
Net income	$	—	$	35,566

	Six Months Ended June 30,
	2021		2020
Revenue	$	—	$	8,291,842
Cost of revenue		—		7,900,122
Gross Profit		—		391,720
Operating expenses		—		408,644
Loss from operations		—		(16,924	)
Other income (expenses)		—		—
Net loss	$	—	$	(16,924	)