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Discontinued Operations
 3 Months Ended
Mar. 31, 2020
Discontinued Operations  
NOTE 5. Discontinued Operations

On March 16, 2020, the Company approved to discontinue and exit from AI Education business by the end of the first quarter 2020. The results of operations for the Company are presented in the consolidated statements of operations and comprehensive loss as loss from discontinued operations.

 

 

 

For the Three Months

 

 

 

Ended March 31, 2020

 

Net Revenue

 

$

-

 

Cost of Revenue

 

 

-

 

General and administrative expense

 

 

(6,292

)

Other income

 

 

6

 

Loss before income taxes

 

 

(6,286

)

Income taxes

 

 

-

 

Loss from discontinued operations, net of tax

 

$

(6,286

)

 

Net assets of discontinued operations as of March 31, 2020 were as follows:

 

 

 

As of

March 31, 2020

 

Cash & cash equivalents

 

$

11,189

 

Property and equipment

 

 

17,721

 

Assets from discontinued operations

 

 

28,910

 

 

 

 

 

 

Accrued expenses

 

$

1,355

 

Due to director

 

 

24,016

 

Due to related parties

 

 

25,014

 

Liabilities from discontinued operations

 

$

50,385