v3.20.2

Discontinued Operations | 9 Months Ended
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Sep. 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 September 30, 2019 and the nine months ended September 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 at September 30, 2020 and December 31, 2019. Statement of Operations from discontinued operations for the three months ended September 30, 2019 was as follows:
|  | September 30, 2020 |  |  | September 30, 2019 |
Revenue |  |  | N/A |  |  | $ | - |
General and administrative expenses |  |  | N/A |  |  | $ | 132 |
Net loss from discontinued operations |  |  | N/A |  |  | $ | (132 | )
Statement of Operations from discontinued operations for the nine months ended September 30, 2020 and 2019 was as follows:
|  | September 30, 2020 |  |  | September 30, 2019 |
Revenue |  | $ | - |  |  | $ | - |
General and administrative expenses |  | $ | - |  |  | $ | 9,452 |
Compensation expense |  |  | - |  |  |  | 22,743 |
Professional services |  |  | - |  |  |  | 2,382 |
Depreciation |  |  | - |  |  |  | 77 |
Loss from discontinued operations |  | $ | - |  |  | $ | (34,654 | )
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 |  | $ | - |  |  | $ | (35,005 | )

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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