Held For Sale Assets and Liabilities

6 Months Ended

Jun. 30, 2023

Held For Sale Assets And Liabilities

Held For Sale Assets and Liabilities

7. Held For Sale Assets and Liabilities

On July 1^st, 2023, The Company sold its subsidiary, HWH World, Inc. to SHRG (Sharing Services Global Corporation). The Company sold 1000 shares of common stock, par value $0.01 per share, representing all the issued and outstanding common stock shares of HWH World for the sum $711,000 representing the gross proceeds of the sale of HWH inventory less cost of goods sold.

The following table identifies the assets and liabilities of HWH World Inc sale for the period ending June 30, 2023:

	June 30, 2023
Current assets:
Cash and cash equivalents	$	135,000
Accounts receivable, net		423,000
Inventory		807,000
Current portion of notes receivable		68,000
Prepaid expenses and other current assets		91,000
Total current assets		1,524,000
Property, Plant & Equipment		117,000
Right of use assets		70,000
Other Intangible assets		293,000
Total assets	$	2,004,000
Current liabilities:
Accounts payable	$	978,000
Accrued expenses and deferred revenue		21,000
Current Portion of Lease liability		130,000
Total current liabilities		1,129,000
Long Term Lease liability		59,000
Total liabilities	$	1,188,000