| Schedule of Operating Results From Discontinued Assets and Liabilities |
The carrying amount of major classes
of assets and liabilities included as part of discontinued operations are as follows:
| |
|
December 31, 2016 |
|
|
December 31, 2015 |
|
| Cash |
|
$ |
- |
|
|
$ |
303,471 |
|
| Accounts receivable |
|
|
- |
|
|
|
19,328 |
|
| Inventory |
|
|
- |
|
|
|
157,079 |
|
| Property, plant and equipment |
|
|
- |
|
|
|
4,497,168 |
|
| Goodwill and intangible assets |
|
|
- |
|
|
|
505,138 |
|
| Other assets |
|
|
- |
|
|
|
500,546 |
|
| Valuation allowance |
|
|
- |
|
|
|
- |
|
| Total |
|
|
- |
|
|
|
5,982,730 |
|
| |
|
|
|
|
|
|
|
|
| Accounts payable and accrued liabilites |
|
|
- |
|
|
|
889,177 |
|
| Due to affiliates |
|
|
- |
|
|
|
390,779 |
|
| Deferred rent |
|
|
- |
|
|
|
58,647 |
|
| Total |
|
|
- |
|
|
|
1,338,603 |
|
| |
|
|
|
|
|
|
|
|
| Net Assets of discontinued operations |
|
$ |
- |
|
|
$ |
4,644,127 |
|
|
| Schedule of Operating Results From Discontinued Operations Pre-Tax Loss |
The major line items comprising the
loss of discontinued operations are as follows:
| |
|
Year Ended |
|
| |
|
December 31, 2016 |
|
|
December 31, 2015 |
|
| |
|
|
|
|
|
|
| Revenue |
|
$ |
3,427,928 |
|
|
$ |
7,043,222 |
|
| Restaurant cost of sales |
|
|
1,196,734 |
|
|
|
2,281,649 |
|
| Restaurant operating expenses |
|
|
2,780,441 |
|
|
|
5,137,605 |
|
| Restaurant pre-opening and closing expenses |
|
|
- |
|
|
|
258,850 |
|
| General and administrative expenses |
|
|
296,343 |
|
|
|
616,740 |
|
| Depreciation and amortization |
|
|
436,144 |
|
|
|
667,453 |
|
| Other |
|
|
22,893 |
|
|
|
(34,328 |
) |
| Loss of discontinued operations |
|
|
(1,304,627 |
) |
|
|
(1,884,747 |
) |
| Loss on write-down of net assets |
|
|
(3,762,253 |
) |
|
|
(4,489,043 |
) |
| Total pretax loss of discontinued operations |
|
|
(5,066,880 |
) |
|
|
(6,373,790 |
) |
| Income tax |
|
|
- |
|
|
|
- |
|
| Loss on discontinued operations |
|
$ |
(5,066,880 |
) |
|
$ |
(6,373,790 |
) |
|