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Discontinued Operations | 9 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | 14. Discontinued Operations On May 4, 2023, the Company distributed approximately 280 million shares of SHRG beneficially held by DSS and Decentralized Sharing Systems in the form of a dividend to the shareholders of DSS common stock. Upon completion of this distribution, DSS will retain an ownership interest in SHRG of approximately 7%. Immediately prior to this distribution, DSS owned approximately 81% of the issued and outstanding common shares of SHRG. As a result, SHRG, whose operations represented a significant portion of our Direct Marketing segment, was deconsolidated from our consolidated financial statements effective as of May 1, 2023 (the “Deconsolidation”) and will be treated as discontinued operations on the face of our financial statements. Subsequent to April 30, 2023, the assets and liabilities of SHRG are no longer included within our consolidated balance sheets. Any discussions related to results, operations, and accounting policies associated with SHRG refer to the periods prior to the Deconsolidation. Upon Deconsolidation, we recognized an impairment of assets due to the deconsolidation of SHRG approximately $6,220,000 which is recorded as an impairment of assets due to the deconsolidation in our consolidated statements of operations. Subsequent to the Deconsolidation, we accounted for our equity ownership interest in SHRG as a marketable security and at the quoted price stock price of SHRG, valued at approximately $74,000 at December 31, 2023. The following tables show results of operations of the discontinued operation: Schedule of Major Classes of Assets and Liabilities Held for Sale and Results of Operations Sharing Services Global Corporation Statements of Operations Loss - Discontinued Operations For the Nine Months Ended September 30,
|  | 2023 |
Revenue: |  |  |  |
Direct marketing |  | $ | 4,325,000 |
Total revenue |  |  | 4,325,000 |
Costs and expenses: |  |  |  |
Cost of revenue |  |  | 2,055,000 |
Selling, general and administrative |  |  | 5,743,000 |
Total costs and expenses |  |  | 7,798,000 |
Operating loss |  |  | 3,473,000 |
Other income (expense): |  |  |  |
Other income (expense) |  |  | (96,000 | )
Interest income |  |  | 6,000 | )
Gain (loss) on investments |  |  | 82,000 |
Impairment of assets |  |  | - |
Loss from discontinued operations before income taxes |  |  | (3,481,000 | )
Income tax benefit/(loss) |  |  | - |
Loss from discontinued operations |  |  | (3,481,000 | )

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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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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