v3.22.4

DISCONTINUED OPERATIONS | 9 Months Ended
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Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | NOTE 3 – DISCONTINUED OPERATIONS Discontinued operations comprise those activities disposed of during the period or classified as held for sale at the end of the period. It represents a separate, major line of business clearly distinguished for operational and financial reporting purposes. Due to the efforts of the Company to sell One More Gym Tuscaloosa, LLC and One More Gym Birmingham, LLC the assets and liabilities were written down to fair value and an impairment loss was recognized. The revenues and expenses associated with discontinued operations included in the Company’s consolidated income statement for the three and nine months ended December 31, 2022 and 2021 were as follows:
Schedule of revenues and expenses associated with discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the three months ended |  |  | For the nine months ended |
|  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Revenue from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gym revenue |  |  | 63,688 |  |  |  | 348,850 |  |  |  | 501,214 |  |  |  | 1,058,863 |
Operating expenses from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | – |  |  |  | 5,170 |  |  |  | 5,102 |  |  |  | 14,178 |
Utilities |  |  | 9,514 |  |  |  | 42,268 |  |  |  | 60,737 |  |  |  | 126,611 |
Leasing expense |  |  | 8,069 |  |  |  | 138,859 |  |  |  | 132,492 |  |  |  | 417,296 |
Payroll expense |  |  | 30,229 |  |  |  | 174,179 |  |  |  | 226,392 |  |  |  | 456,461 |
General and administrative |  |  | 322,351 |  |  |  | 124,560 |  |  |  | 417,357 |  |  |  | 401,904 |
Loss on impairment of assets |  |  | 300,475 |  |  |  | – |  |  |  | 300,475 |  |  |  | – |
Total general and administrative corporate expenses from discontinued operations |  |  | 670,638 |  |  |  | 485,036 |  |  |  | 1,142,555 |  |  |  | 1,416,450 |
Loss from discontinued operations |  |  | (606,950 | ) |  |  | (136,186 | ) |  |  | (641,341 | ) |  |  | (357,587 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on forgiveness of loan |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 7,704 |
Gain (loss) on sale of assets |  |  | – |  |  |  | 100 |  |  |  | (6,958 | ) |  |  | 1,240 |
Interest expense |  |  | – |  |  |  | (929 | ) |  |  | – |  |  |  | (3,283 | )
Total other expense |  |  | – |  |  |  | (829 | ) |  |  | (6,958 | ) |  |  | 5,661 |
Net loss on discontinued operations |  | $ | (606,950 | ) |  | $ | (137,015 | ) |  | $ | (648,299 | ) |  | $ | (351,926 | )
Basic and diluted earnings per share on net loss from discontinued operations |  | $ | (0.000 | ) |  | $ | (0.000 | ) |  | $ | (0.000 | ) |  | $ | (0.001 | )
Weighted average shares outstanding |  |  | 3,207,338,338 |  |  |  | 1,452,481,989 |  |  |  | 2,446,125,019 |  |  |  | 1,341,287,504 |

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- References No definition available. + Details
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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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