Discontinued Operations and Assets Held for Sale (Tables)

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Assets Held for Sale [Abstract]

Schedule of Assets and Liabilities of the MultiPay Sale and Consideration Received

The following table summarizes the assets and liabilities of the MultiPay sale and the consideration received (unaudited):

	Amount
Carrying value of net assets sold:
Property and equipment write-off	$	19,528
Net assets write-off	$	19,528
Sale consideration on disposition of net assets:
Sale consideration	$	95,852
Less: Value added tax		(15,304	)
Net Consideration	$	80,548
Foreign currency translation:	$	155,049
Net gain on sale of a discontinued operation	$	216,069

Schedule of Operations of Cards Plus and MultiPay

The operations of Cards Plus and MultiPay for the three and nine months ended September 30, 2023 and 2022 on a consolidated basis are below (unaudited):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Discontinued Operations
Total Revenues, net	$	-		$	446,643		$	29,354		$	1,468,199
Operating Expenses:
Cost of Sales		-			145,205			-			665,269
General and administrative		-			276,866			12,268			1,003,003
Impairment loss		-			-			-			143,698
Depreciation and amortization		-			(6,749	)		8,066			33,025
Total operating expenses		-			415,322			20,334			1,844,995
Income (Loss) from operations		-			31,321			9,020			(376,796	)
Other Income (Expense):
Other income		-			12,792			-			20,821
Interest expense, net		-			-			-			(364	)
Other income (expense), net		-			12,792			-			20,457
Loss before income taxes		-			44,113			9,020			(356,339	)
Income tax expense		(1,915	)		(468	)		(7,496	)		(7,046	)
Income (loss) from discontinued operations		(1,915	)		43,645			1,524			(363,385	)
Loss (gain) from sale of discontinued operations		-			(188,247	)		216,069			(188,247	)
Total income (loss) from discontinued operations	$	(1,915	)	$	(144,602	)	$	217,593		$	(551,632	)

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2023		2022			2023		2022
Cards Plus
Total Revenues, net	$	-	$	380,372		$	-	$	1,263,672
Operating Expenses:
Cost of Sales		-		145,205			-		665,269
General and administrative		-		21,539			-		412,243
Impairment loss		-		-			-		143,698
Depreciation and amortization		-		(1,482	)		-		24,415
Total operating expenses		-		165,262			-		1,245,625
Income (loss) from operations		-		215,110			-		18,047
Other Income (Expense):
Other income		-		2,103			-		8,919
Interest expense, net		-		-			-		(364	)
Other income, net		-		2,103			-		8,555
Loss before income taxes		-		217,213			-		26,602
Income tax expense		-		-			-		(4,681	)
Income from discontinued operations		-		217,213			-		21,921
Loss from sale of discontinued operations		-		(188,247	)				(188,247	)
Total Income (Loss) from discontinued operations	$	-	$	28,966		$	-	$	(166,326	)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
MultiPay
Total Revenues, net	$	-		$	66,271		$	29,354		$	204,527
Operating Expenses:
General and administrative		-			255,327			12,268			590,760
Depreciation and amortization		-			(5,267	)		8,066			8,610
Total operating expenses		-			250,060			20,334			599,370
Loss from operations		-			(183,789	)		9,020			(394,843	)
Other Income:
Other income		-			10,689			-			11,902
Other income		-			10,689			-			11,902
Loss before income taxes		-			(173,100	)		9,020			(382,941	)
Income tax expense		(1,915	)		(468	)		(7,496	)		(2,365	)
Income (loss) from discontinued operations		(1,915	)		(173,568	)		1,524			(385,306	)
Gain from sale of discontinued operations		-			-			216,069			-
Total Income (loss) from discontinued operations	$	(1,915	)	$	(173,568	)	$	217,593		$	(385,306	)

Schedule of Cash Flow Activity Related to Discontinued Operations

As a result of meeting the discontinued operations/assets held for sale criteria for Cards Plus and the MultiPay operations, the cash flow activity related to discontinued operations is presented separately on the statement of cash flows as summarized below (unaudited):

	Nine Months Ended
	September 30,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	1,524		$	(363,385	)
Adjustments to reconcile net loss with cash flows from operations:
Depreciation and amortization expense		8,067			42,364
Impairment of intangible assets		-			143,701
Changes in operating assets and liabilities:
Accounts receivable		105,194			(14,288	)
Other current assets		10,562			186,370
Inventory		-			(78,806	)
Accounts payable and accrued expenses		(13,759	)		(16,092	)
Deferred revenue		-			(36,663	)
Adjustments relating to discontinued operations		110,064			226,586
Cash flows from discontinued operations	$	111,588		$	(136,799	)