Discontinued Operations

3 Months Ended

Mar. 31, 2024

Discontinued Operations

Discontinued Operations

Note 3 – Discontinued Operations

On February 18, 2022, the Company, effective March 1, 2022 entered into a Revenue Sharing Agreement (“RSA”) with Mahaser LTD. (“Mahaser”) pursuant to which the Company shares in revenues generated by Mahaser e-commerce sales through the online retail platform in the United States of America. Mahaser owns an e-commerce platform as a store which is the legal, exclusive owner of Ravenholm Electronics. The Company will operate the e-commerce platform and entitled to 95% for all revenue generated by and received by Mahaser from March 1, 2022 through December 31, 2022. The RSA provides that the Company will be entitled to appoint a manager to Mahaser. As consideration, the Company will pay Mahaser $100,000 no later than March 1, 2022 and issue Mahaser 1,000,000 shares of the Company’s restricted common stock. Effective July 1, 2023, the Company agreed to terminate the RSA with Mahaser Ltd.

The financial results of Mahaser Ltd. are present as loss from discontinued operations, net of income taxes on our consolidated income through March 31, 2023, when our deconsolidation occurred. The following table presents the financial results of Mahaser:

	Period ended March 31,
	2024		2023
Revenues	$	—	$	217,785
Cost of revenue		—		176,091
Gross profit		—		41,694
Operating expense
Professional expenses		—		7,908
General and administrative expenses		—		24,188
Total operating expense		—		32,096
Income from operations of discontinued operations		—		9,597
Nonoperating expense - interest expense and financing		—		6,747
Total other expense		—		6,747
Income from discontinued operations before provision for income taxes		—		2,850
Provision for income taxes		—		—
Income from discontinued operations, net of income taxes	$	—	$	2,850