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Discontinued Operations
 12 Months Ended
Dec. 31, 2014
Discontinued Operations  
Discontinued Operations

 

17.Discontinued Operations

 

The Company suspended operations of ProElite effective June 30, 2013.  Following the repositioning of the Company as a specialty biopharmaceutical company, the Company’s Board of Directors voted to discontinue operations of ProElite effective March 31, 2014.  The assets and liabilities of ProElite are consolidated into the consolidated balance sheets as of December 31, 2014 and December 31, 2013 and are as follows:

 

 

 

December 31,

 

 

 

2014

 

2013

 

Total assets

 

$

—

 

$

—

 

Accounts payable

 

—

 
120,244 

 

 

 

 

December 31,

 

 

 

2014

 

2013

 

Other accrued liabilities

 

—

 
16,250

 

Equity, net

 

—

 
(136,494

)

Total liabilities and accumulated deficit

 

$

—

 

$

—

 

 

The statements of operations details for ProElite that are summarized in the discontinued operations line in the consolidated statements of operations are as follows:

 

 

 

2014

 

2013

 

Revenues

 

$

—

 

$
71,667

 

Cost of revenues

 

—

 

—

 

Gross profit

 

—

 
71,667

 

Operating expenses

 

—

 
(192,463

)

Other income

 

—

 
732,217

 

Interest expense

 

—

 
(101,813

)

Net loss attributed to non-controlling interests

 

—

 
(6,401

)

Net income

 

$

—

 

$
503,207

 

 

For the year ended December 31, 2013, the discountinued operations had negative cash flows of $413,711 and no investing cash flows.