Discontinued Operations

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 16. Discontinued Operations

On August 6, 2021, the Company entered into an Asset Purchase Agreement (the “Agreement”) with Informa. Pursuant to the Agreement, Creek Road Miners Corp. (fka Kick the Can Corp.) sold, transferred, and assigned certain assets, properties, and rights to Informa related to the business of operating and producing live pop culture events. The Company released deferred revenue and other liabilities totaling $722,429 and recorded a gain from sale of discontinued operations of this amount.

On September 15, 2021, the Company sold our wholly owned subsidiary which contained our Jevo assets and all rights to our Jevo operations for $1,500,000 and recognized a gain from sale of discontinued operations on the transaction of approximately $1,130,740. The gain from sale of discontinued operations consists of the following:

Description	Amount
Net cash paid on the closing date	$	1,500,000
Less:
Current assets		36,060
Inventory		193,300
Fixed assets, net		16,700
Intangible assets, net		123,200
Total		369,260
Gain from sale	$	1,130,740

CONtv is a joint venture with third parties and Bristol Capital, LLC. The Company holds a limited and passive interest of 10% in CONtv. As of March 31, 2022 and December 31, 2021, the investment in CONtv was $0, for both periods. As of March 31, 2022 and December 31, 2021, the amount due to CONtv was $0, for both periods, and classified as a discontinued operation.

The related assets and liabilities associated with the discontinued operations in our consolidated balance sheets for the periods ending March 31, 2022 and December 31, 2021, are classified as discontinued operations. Additionally, the financial results associated with discontinued operations in our consolidated statement of operations for the three months ending March 31, 2022 and 2021, are classified as discontinued operations.

The assets and liabilities related to discontinued operations consists of the following:

	March 31,		December 31,
	2022		2021
Assets
Current assets:
Prepaid expenses	$	—	$	—
Inventory		—		—
Total current assets		—		—
Other assets:
Property and equipment, net		—		—
Intangible assets, net		—		—
Total assets	$	—	$	—
Liabilities
Current liabilities:
Accounts payable and accrued expenses	$	463,645	$	472,029
Deferred revenue		—		—
Due to CONtv		—		—
Total liabilities	$	463,645	$	472,029

In addition, revenue and expenses from discontinued operations were as follows:

	Three Months Ended
	March 31,
	2022		2021
Revenue	$	—	$	206,476
Operating costs and expenses:
Cost of revenue		—		222,347
General and administrative		—		234,525
Total operating expenses		—		456,872
Loss from operations		—		(250,396	)
Other income (expense):
Other income		6,004		828,516
Interest income		—		—
Loss on disposal of fixed assets		—		—
Total other income (expense)		6,004		828,516
Income (loss) from discontinued operations	$	6,004	$	578,120