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Discontinued Operations and Assets and Liabilities Held For Sale | 9 Months Ended
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Sep. 30, 2018
Discontinued Operations and Assets and Liabilities Held For Sale [Abstract] |
DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE | NOTE 3 – DISCONTNUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE On January 29, 2018, the Company entered into a Legacy Asset Sale Agreement (the “Asset Sale Agreement”) with Mark McLaughlin (the Company’s former President and Chief Executive Officer) whereby the Company sold the assets of the legacy beta glucan business for $850,000. On February 7, 2018, the Company and Mr. McLaughlin entered into an amendment to the Asset Sale Agreement (the “Asset Sale Agreement Amendment”) to amend the purchase price of the assets, whereby Mr. McLaughlin agreed, through a newly formed entity, to purchase the assets and liabilities of the yeast beta glucan manufacturing business, for the following: (i) 2,000,000 shares of the Company’s common stock (valued at $0.23 per share or $460,000), payable on February 12, 2018, (the “Closing Date”), (ii) $190,000 payable on the Closing Date, (iii) $200,000 payable within 120 days following the Closing Date, and (iv) the waiver of all rights to any severance payment in the amount of $150,000. The total purchase price per the Asset Sale Agreement Amendment was $1,000,000. The total assets and liabilities transferred in the sale was $255,248, resulting in a gain on sale of $744,752. Operating results for the three months and nine months ended September 30, 2018, and 2017 for the yeast beta glucan manufacturing business are presented as discontinued operations and the assets and liabilities classified as held for sale are presented separately in the balance sheet. A breakdown of the discontinued operations is presented as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Net Sales |  | $ | - |  |  | $ | 447,331 |  |  | $ | 363,613 |  |  | $ | 703,894 |
Cost of Sales |  |  | - |  |  |  | 144,148 |  |  |  | 56,666 |  |  |  | 259,331 |
Gross Profit |  |  | - |  |  |  | 303,183 |  |  |  | 306,947 |  |  |  | 444,563 |
Operating expenses |  |  | - |  |  |  | 148,358 |  |  |  | 125,960 |  |  |  | 262,931 |
Income from discontinued operations |  |  | - |  |  |  | 154,825 |  |  |  | 180,987 |  |  |  | 181,632 |
Gain on sale |  |  | - |  |  |  | - |  |  |  | 744,752 |  |  |  | - |
Net income from discontinued operations |  | $ | - |  |  | $ | 154,825 |  |  | $ | 925,739 |  |  | $ | 181,632 |
Assets and liabilities of discontinued operations held for sale included the following:
|  | September 30, |  |  | December 31, |
|  | 2018 |  |  | 2017 |
Current assets: |  |  |  |  |  |
Trade accounts receivable, net |  | $ | - |  |  | $ | 270,580 |
Inventory, net |  |  | - |  |  |  | 25,903 |
|  | $ | - |  |  | $ | 296,483 |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | - |  |  | $ | 81,733 |
|  | $ | - |  |  | $ | 81,733 |

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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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