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Disposal of the Discontinued Operations of the NFID Business | 9 Months Ended
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Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
DISPOSAL OF THE DISCONTINUED OPERATIONS OF THE NFID BUSINESS | NOTE 4 – DISPOSAL OF THE DISCONTINUED OPERATIONS OF THE NFID BUSINESS On September 30, 2021, the Company entered into and closed on an Asset Purchase Agreement (see Note 1) with NFID, LLC, an unrelated party, a Florida limited liability company, whereby the Company sold certain assets, properties, and rights in connection with its NFID trademark name, logos, domain, and apparel clothing and accessories for a purchase price of $60,000 in the form of a promissory note amounting to $60,000. The promissory note bears 8% interest per annum and matures on October 1, 2023. Note receivable – non-current amounted to $60,000 as of September 30, 2021. ASC 205-20 “Discontinued Operations” establishes that the disposal or abandonment of a component of an entity or a group of components of an entity should be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. As a result, the component’s results of operations have been classified as discontinued operations on a retrospective basis for all periods presented. Accordingly, the results of operations of this component, for all periods, are separately reported as “discontinued operations” on the condensed consolidated statements of operations. The following table set forth the selected financial data of the Company’s gain from sale of the NFID business on September 30, 2021:
|  | September 30, 2021 |
Assets: |  |  |
Current assets: |  |  |
Inventory, net |  | $ | 58,447 |
Total assets |  | $ | 58,447 |
Liabilities: |  |  |  |
Current liabilities: |  |  |  |
Total liabilities |  | $ | — |
Net asset of NFID business disposed |  | $ | 58,447 |
Consideration in the form of a note receivable |  |  | 60,000 |
Gain from sale of NFID business |  | $ | 1,553 |
The summarized operating result of discontinued operations of the NFID Business included in the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2022 and 2021 is as follows:
|  | For the Nine Months Ended |
|  | September 30, |
|  | 2022 |  |  | 2021 |
Product sales, net |  | $ | — |  |  | $ | 119,541 |
Cost of sales |  |  | 1,079 |  |  |  | 98,998 |
Gross profit (loss) |  |  | (1,079 | ) |  |  | 20,543 |
Total operating and other non-operating expenses |  |  | (84 | ) |  |  | (249,565 | )
Gain from sale of NFID business |  |  |  |  |  |  | 1,553 |
Loss from discontinued operations |  | $ | (1,163 | ) |  | $ | (227,469 | )

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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 https://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 https://asc.fasb.org/subtopic&trid=2122178 + Details
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