Discontinued Operations

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 6 – Discontinued Operations

In March 2019, Management decided that it made overall economic sense for the Company to close its employment placement services business in Dubai; hence, in order to fully concentrate on its core business of Independent Financial Advisory services and consultancy business, the Board of Directors decided to initiate liquidation proceedings of the Dubai subsidiary “GE Professionals DMCC” and discontinue the related employment placement services business. As a result, Dubai subsidiary operations for the three months ended June 30, 2019 and the six months ended June 30, 2019 and 2020 are treated as discontinued operations in the accompanying unaudited consolidated financial statements. The consolidated statements of operations only comprise the continuing operations. Net loss from the discontinued operations is presented on a single line after the net loss from the continuing operations.

There were no assets and liabilities from discontinued operations as at June 30, 2020 and December 31, 2019.

Statement of Operations from discontinued operations for the three months ended June 30, 2019 was as follows:

		June 30, 2020				June 30, 2019
Revenue			N/A			$	-

General and administrative expenses			N/A			$	1,235
Net loss from discontinued operations			N/A			$	(1,235	)

Statement of Operations from discontinued operations for the six months ended June 30, 2020 and 2019 was as follows:

		June 30, 2020				June 30, 2019
Revenue		$	-			$	-

General and administrative expenses		$	-			$	9,320
Compensation expense			-				22,743
Professional services			-				2,382
Depreciation			-				77
Loss from discontinued operations		$	-			$	(34,522	)
Other income (expenses)
Loss due to fixed assets write off		$	-			$	(164	)
Exchange rate loss			-				(187	)
Total other (expenses) / income		$	-			$	(351	)
Net loss from discontinued operations		$	-			$	(34,873	)