Discontinued Operations

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Discontinued Operations

7. Discontinued Operations

On February 14, 2017, the Company completed a series of transactions, including an APA whereby the Company sold certain of the Canadian Rehab Clinic assets. The assets disposed of business represented substantially all of the operating assets of the Canadian Rehab Clinic and has been disclosed as a discontinued operation for comparative purposes as of December 31, 2016 and for the three and six month period ended June 30, 2017 and 2016. Refer note 3 above.

The assets and liabilities of discontinued operations as of December 31, 2016 is as follows:

	December 31,
	2016
Current assets
Accounts receivable, net	$	123,358
Prepaid expenses and other current assets		11,253
Total current assets		134,611
Non-current assets
Plant and equipment, net		129,127
Deposits		—
Total assets		263,738
Current liabilities
Deferred revenues		80,519
Discontinued operation		183,219

 The statement of operations for discontinued operations is as follows:

	Three months			Three months			Six months			Six months
	ended June 30,			ended June 30,			ended June 30,			ended June 30,
	2017			2016			2017			2016
Revenues	$	(112	)	$	1,024,384		$	232,040		$	1,847,222
Operating expenses
Depreciation and amortization		—			15,412			4,196			30,746
General and administrative		31,330			187,589			118,706			343,480
Professional fees		33,466			—			32,818			6,144
Rent		2,975			105,721			47,493			180,112
Salaries and wages		(31,913	)		423,464			201,723			811,981
Total operating expenses		35,858			732,186			404,936			1,372,463
Operating (loss) income		(35,970	)		292,198			(172,896	)		474,759
Other Income
Profit on sale of business		—			—			7,494,828			—
Other income		—			21,042			—			21,042
Interest expense		(204	)		(38,547	)		(993	)		(76,743	)
Foreign exchange movements		(105,003	)		(8,433	)		91,704			24,721
Net income before taxation		(141,177	)		266,260			7,412,643			443,779
Taxation		—			—			—			—
Net income from discontinued operations	$	141,177		$	266,260		$	7,412,643		$	443,779