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Discontinued Operations (Tables) | 3 Months Ended
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Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations | The table below sets forth the loss from discontinued operations: Schedule of Discontinued Operations
|  | 2024 |  |  | 2023 |
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Revenue |  | $ | 21,848 |  |  | $ | 22,962 |
Cost of revenue |  |  | 13,981 |  |  |  | 11,945 |
Gross profit |  |  | 7,867 |  |  |  | 11,017 |
Operating expense |  |  |  |  |  |  |  |
Selling and marketing |  |  | 11,503 |  |  |  | 12,122 |
General and administrative(1) |  |  | 45,192 |  |  |  | 78 |
Depreciation and amortization |  |  | 2,401 |  |  |  | 3,670 |
Loss on impairment of assets |  |  | 39,391 |  |  |  | - |
Total operating expenses |  |  | 98,487 |  |  |  | 15,870 |
Loss from discontinued operations |  |  | (90,620 | ) |  |  | (4,853 | )
Income tax benefit |  |  | (18 | ) |  |  | - |
Net loss from discontinued operations |  | $ | (90,638 | ) |  | $ | (4,853 | )
(1) | Includes $45,000 termination fee liability.
The table below sets forth the major classes of assets and liabilities of the discontinued operations:
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | As of |
|  | March 31, 2024 |  |  | December 31, 2023 |
Assets |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 5,691 |  |  | $ | 13,135 |
Subscription acquisition costs, current portion |  |  | - |  |  |  | 29,706 |
Prepayments and other current assets |  |  | - |  |  |  | 807 |
Current assets from discontinued operations |  |  | 5,691 |  |  |  | 43,648 |
Subscription acquisition costs, net of current portion |  |  | - |  |  |  | 7,215 |
Acquired and other intangibles assets, net |  |  | - |  |  |  | 11,002 |
Noncurrent assets from discontinued operations |  |  | - |  |  |  | 18,217 |
Total assets from discontinued operations |  | $ | 5,691 |  |  | $ | 61,865 |
Liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,458 |  |  | $ | 2,554 |
Accrued expenses and other |  |  | 2,406 |  |  |  | 1,868 |
Subscription refund liability |  |  | 423 |  |  |  | 403 |
Royalty fee liability |  |  | 3,750 |  |  |  | - |
Termination fee liability |  |  | 45,000 |  |  |  | - |
Subscription liability, current portion |  |  | 45,837 |  |  |  | 42,848 |
Current liabilities from discontinued operations |  |  | 98,874 |  |  |  | 47,673 |
Subscription liability, net of current portion |  |  | - |  |  |  | 10,137 |
Noncurrent liabilities from discontinued operations |  |  | - |  |  |  | 10,137 |
Total liabilities from discontinued operations |  | $ | 98,874 |  |  | $ | 57,810 |
The table below sets forth the cash flows of the discontinued operations:
|  | 2024 |  |  | 2023 |
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Cash flows from operating activities from discontinued operations |  |  |  |  |  |  |  |
Net loss from discontinued operations |  | $ | (90,638 | ) |  | $ | (4,853 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |
Amortization of intangible assets |  |  | 2,401 |  |  |  | 3,670 |
Loss on impairment of assets |  |  | 39,391 |  |  |  | - |
Stock-based compensation |  |  | 538 |  |  |  | 190 |
Change in operating assets and liabilities: |  |  |  |  |  |  |  |
Accounts receivable, net |  |  | 7,444 |  |  |  | 5,000 |
Subscription acquisition costs |  |  | 6,131 |  |  |  | (4,304 | )
Prepayments and other current assets |  |  | 807 |  |  |  | 190 |
Accounts payable |  |  | 2,654 |  |  |  | 229 |
Accrued expenses and other |  |  | 538 |  |  |  | 118 |
Subscription refund liability |  |  | 20 |  |  |  | (150 | )
Subscription liability |  |  | (7,148 | ) |  |  | 4,233 |
Termination fee liability |  |  | 45,000 |  |  |  | - |
Net cash used in operating activities from discontinued operations |  | $ | 7,138 |  |  | $ | 4,323 |

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