v3.19.1

DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 3: DISCONTINUED OPERATIONS

On November 27, 2017, the Company entered into a Subscription Agreement with Mr. Dror Svorai, the current CEO of the Company, for the purchase of 1,000,000 shares of restricted Series A Convertible Preferred Supermajority voting stock. Pursuant to this agreement, the Company announced a shift in the strategic focus by which the Company has recognized a cessation of it business operations of Rich Cigars in accordance with Accounting Standards Codification (ASC) 205-20 Discontinued Operations. As such, the historical results of the Company have been classified as discontinued operations. As of the year ended December 31, 2017, assets of discontinued operations consisted of property and equipment of $498. As of the period ended September 30, 2018 all property and equipment was written off.

Results of the discontinued operations for the nine months ended September 30, 2018 and 2017 are as follows:

		Three Months Ended September 30, 2018				Three Months Ended September 30, 2017				Nine Months Ended September 30, 2018				Nine Months Ended September 30, 2017
REVENUES		$	—			$	—			$	—			$	4,606
COST OF SALES			—				—				—				2,382
GROSS PROFIT			—				—				—				2,224
OPERATING EXPENSES
Amortization Expense			—				425				—				1,275
Depreciation Expenses			—				106				—				320
Marketing Expense			—				—				—				32,095
Other General and Administrative			—				46,446				—				283,109
Total operating income (expenses)			—				46,977				—				316,799
Income (loss) from operations		$	—			$	(46,977	)		$	—			$	(314,575	)

		Nine Months Ended September 30, 2018				Nine Months Ended September 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss from operations		$	—			$	(314,575	)
Adjustments to reconcile net loss to net cash
Depreciation and Amortization			—				1,595
Stock issued for services			—				20,000
Change in assets and liabilities:
Prepaid expenses			—				(7,861	)
Inventory			—				13,338
Accounts payable and accrued expenses			—				45,821
Net cash used in operating activities		$	—			$	(241,682	)
CASH FLOWS FROM FINANCING ACTIVITIES
Shareholder Contributions		$	—			$	53,790
Net cash used in financing activities		$	—			$	53,790

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- References

No definition available.

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X

- 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

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